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400 Virginia Avenue Fetches $52M

WASHINGTON, DC-400 Virginia Avenue Southwest, a 216,000-sf office building in the Capitol Hill area, sells for $52 million. A small parcel at 472 Virginia Avenue SW nearby was also part of the deal.

By Barbra Murray | Updated on March 13, 2002

WASHINGTON, DC-The 216,000-sf building at 400 Virginia Avenue SW has been sold to Boston, MA’s Beacon Capital Partners in a $52 million transaction. The deal also includes the 18,000-sf vacant property near the building at 472 Virginia Avenue SW in the Capitol Hill area. The building carries a current proposed assessment value of about $38.3 million, and the vacant parcel has been assessed at a value of nearly $3.9 million.

The seller, Lowe Enterprises Mid-Atlantic, acquired the property in 1999 for $39.75 million. The transaction was the fourth largest commercial real estate sale for the year. Beacon has brought in RREEF Management, Co. as the managing agent, and Trammell Crow Company to handle leasing. “Lowe Mid-Atlantic had owned the building, managed it, and leased it themselves,” Trammell Crow’s Joseph Stettinius tells GlobeSt.com. “Beacon contracted us to lease the property after is made the purchase.”

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