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601 New Jersey Ave. Sells for $81M

WASHINGTON, DC-In a deal valued at approximately $81 million, the yet-to-be-completed Class A office building at 601 New Jersey Ave. sells to Polinger Development. The Federal Trade Commission has already signed a 10-year lease worth more than $80 million.

By Barbra Murray | Updated on March 04, 2002

WASHINGTON, DC-Construction of 601 New Jersey Ave. is not yet complete, but the sale of the structure is a done deal, with Polinger Development’s recent acquisition of the 259,000-sf property. Owner Lowe Enterprises Mid-Atlantic put the property on the market through Cassidy & Pinkard and will receive a reported $81 million for the nine-story structure, which is costing about $65 million to develop. The Class A office building boasts an easily accessible Capitol Hill location near Union Station, as well as a three-level underground parking garage.

Construction on the building is expected to be complete by April 1, and already, it is 78% pre-leased. The General Services Administration signed a 10-year lease for the Federal Trade Commission (FTC) to occupy 200,841-sf–the first seven floors–at a total cost to exceed $75 million. FTC will move to its new space in July.

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