Constructed in 1969 and renovated in 1993, the downtown edifice sits in the law office-laden Golden Triangle area and offers a 130-space indoor parking garage. The aforementioned square-footage includes 9,807 sf of ground-level retail space. 1750 K is fully leased to eleven tenants including law firms Wiley, Rein & Fielding, which is housed on five floors, and Eccleston & Wolfe, which takes up one entire floor.

St. Joe's acquisition is part of the company's plan to expand its presence in the Southeast region. "We have further refined our capital redeployment program, and are now identifying solid investment products in key southeastern real estate markets," St. Joe president, COO and CFO Kevin M. Twomey explains in a statement concerning the future of the company's investment property portfolio.

"Our objective is to acquire approximately one million square feet of space over time in each of these markets," he continues. "We anticipate St. Joe will continue to add $50 to $100 million of commercial office buildings to its portfolio on an annual basis for the foreseeable future." The real estate firm acquired the District's 118,000-sf office structure at 1133 20th Street in September 2000 for $27 million.