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1615 L St. Sells for Close to $115M

WASHINGTON, DC-The 18-year-old, 393,000-sf office structure at 1615 L St. sells to Silver Spring, MD's Halle Cos. MGP Real Estate shed the asset as part of its expansion into the office and warehouse markets.

By Barbra Murray | Updated on March 11, 2002

WASHINGTON, DC-The 393,000-sf Class A office structure at 1615 L St. has been sold to Silver Spring, MD-based developer Halle Cos. for an amount in the neighborhood of $115 million. An unnamed affiliate of MGP Real Estate–which has served as the building’s management team–sold the building after having purchased it in a $100-million transaction three years ago from a joint venture of Metropolitan Life Insurance Co. and Japanese life insurers Chiyoda and Tai-Sei. It was one of only three buildings to sell for $100 million or more in 1999. Currently, the building carries a property assessment value of about $85 million.

Brokered through Cassidy & Pinkard, 1615 is reported to have been on the market for $115 million and Jon Halle of Halle Cos. tells GlobeSt.com the price was “somewhere in the $115-million range.” Offering 13 floors of space and a six-story, multi-tiered atrium, the building was completed in 1984 and currently has just a minimal tenant vacancy. Among those firms in the building are Weil Gotshal & Manges, APCO Associates, Inc. and Wunder Lily, all of which occupy their own single floor.

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