A 19-year old structure, Park Place offers 13 floors of office space, including about 9,500 sf of first-floor retail space. There is also room for 166 indoor parking spaces. Building tenants include National Venture Capital Assoc., Executive Transitions International, Inc., and Alliance Business Centers. Insignia/ESG will stay on as the property's exclusive leasing agent, and Lerner Corp. will serve as manager. Speaking to GlobeSt.com, LMH Realty's Michael S. Hillman says, "the Rosslyn area is really going through some changes for the better right now." He continues, "we're hoping to capture some of the upside from the tightening of the market." In a statement on the acquisition, company principal Jonathan H. Morris adds that "the combination of experienced ownership and Lerner management will successfully transform Park Place into a Class 'A' property."

The acquisition marks two-year-old LMH Realty's third acquisition. The company purchased the 300,000 sf building at 2100 M Street in the District for $57 million in late 2000, and it bought 20 M Street, where it plans to construct a 190,000-sf office building.