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ASAE, Carr Capital Buy Major Stake in 208,600-SF Property

WASHINGTON, DC-The American Society of Association Executives acquires majority ownership of 1575 Eye St., while Carr Capitol takes a general partnership interest in the 208,600-sf building. The deal was based on an estimated building value of $58.7 million.

By Barbra Murray | Updated on March 14, 2002

WASHINGTON, DC-The American Society of Association Executives has acquired the majority ownership of its headquarters at 1575 Eye St. from owner Lend Lease Real Estate Investment, which held a 50% majority stake in the asset. Carr Capital Corporation has taken on a general partnership interest in the building. The joint acquisition was based upon the building’s “hypothetical” value of $58.7 million. City records calculate the property’s assessed value at $31.8 million.

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.

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