Florida's St. Joe Acquires 1750 K Street Building

WASHINGTON, DC-Jacksonville, Florida-based The St. Joe Company–the Sunshine State’s largest private landowner–has acquired the 12-story Class A office structure at 1750 K Street from GIBG 1750 LLC, a partnership involving Westport, Connecticut’s Greenfield Partners and Washington’s IBG Partners. While the parties involved have not yet revealed the purchase price, GIBG paid $32.5 million for the 152,470-sf building in November 2000. The District lists the property’s value for 2002 at $31.6 million.

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.