Built in 1940, the building has been under WRIT's ownership since 1974. It was most recently home to a garage of the Washington Metropolitan Police Department, which signed a 10-year lease on the building back in 1991.

"It was a property that we'd held for a long time and one that no longer fit our needs," WRIT managing director of finance and capital markets Sara Grootwassink tells GlobeSt.com. "We didn't think we'd get the continued growth we had received in the past." The real estate firm has disposed of several other properties in an effort to clear its portfolio of buildings that no longer meet its long-term goals. WRIT expects a net gain of about $4.5 million from the deal.