184,000-SF 15th St. Building Gets New Owner

WASHINGTON, DC-The downtown building at 1015 Fifteenth St. is now owned by Teachers Insurance and Annuity Association of New York. Philadelphia’s Berwind Property Group has sold the 184,000-sf property for an undisclosed amount, but industry experts speculate that the selling price could be around $48 million.

Berwind acquired the McPherson Square area building — which is now 23-years old–in 1996 and renovated the interior. “In 1996 this location was considered an in-between area, being outside both the CBD and the East End, explains Berwind Executive Vice President and COO Arthur P. Pasquarella. “We had forecasted that the McPherson area would fill in, and our projections were validated with very strong rental and value increases over the last few years.” The 12-story structure sits almost directly across the street from the Washington Post Company building and is fully leased. Among the tenants are the American Society of Civil Engineers, Agence France-Presse and Concerned Women for America.