The building is currently 97% leased to tenants such as the Association of Private Pension & Welfare Plans, the American International Health Alliance, and the Washington DC Convention & Visitors Association--which has been in its space since the building's completion in 1987. Each of the aforementioned organizations occupies an individual floor of the 12-story building. A neoclassical style structure designed by architectural firm Keyes, Condon & Florance and developed by the Hadid Investment Group for about $20 million, 1212 New York also offers a three-floor underground parking lot. The marble-faced structure sits in the District's Franklin Square area, next door to the National Museum of Women in the Arts.

Advantis Real Estate services brokered the deal, which, according to Advantis' Jim Meisel, brought out a bevy of competitors. "DC investment activity has been very strong," Meisel tells GlobeSt.com, explaining the strong interest in the building. "There are not that many alternatives as far as investors feel -- Boston has been taken out of it, and San Francisco."

Advantis took in 20 offers after sending out 100 investment memorandums. The building was not priced when it was put on the market, but the competition to acquire it was aggressive. "When you have that much competition, competition drives up the prices," Meisel notes, adding, "[the process] went pretty quickly." In the end Jaguar properties won the bid, but the decision was based upon more than just dollar signs. "[We chose Jaguar because of] a combination of factors: familiarity with the buyer; confidence that they would close at the number they offered; previous track record and, of course, the number they were offering."