Constructed in 1976, 1575 Eye offers just over 208,600 sf of class A office and retail space on 12 floors. The building also features a 5,000-sf conference center, a fitness facility, and a three-level subterranean parking garage capable of accommodating 215 vehicles. ASAE occupies one of the largest blocks of space, taking up two-and-a-half floors. Other major tenants include the American Association of Museums, the Veterans Administration and the Federal Aviation Administration.

Lend Lease came into possession of the building--which it owned on behalf of a group of institutional clients--in 1999 when it acquired Boston Financial's real estate portfolio advisory rights. News that Lend Lease was ready to market the building began to circulate in October of last year, when Trammell Crow was reported to have won the listing. ASAE has owned a small interest in the property since its completion and expressed interest in Lend Lease's controlling stake as soon as the company revealed it was ready to sell. "The ASAE Board of Directors views the acquisition of an increased interest in 1575 Eye street as a great investment of existing equity in the future of this organization," ASAE chairman Colin C. Rorrie, Jr. says of the deal. Carr will serve as the management and leasing agent for the building.