Jones Lang LaSalle orchestrated the sale on behalf of seller the Monument Fund, a joint venture of John Akridge Cos. and Apollo Real Estate Advisors' Monument Fund. The JV acquired the structure back in 1996 from Prudential Insurance Co. for $16.2 million. Speaking to GlobeSt.com, Jones Lang LaSalle senior vice president Brad Heming says, "the building will continue to do well due to its location." 1150 is conveniently located in the city's East End submarket, and sits just four blocks away from the White House.

Seventy percent of the structure is home to major tenants the Washington Post, which has its headquarters next door at 1150 15th St., and the Pharmaceutical Research and Manufacturers' Association. The Post renewed its long-term lease of nearly 60,000 sf in 2000, and Pharma just recently renewed its lease this year. Radio Shack occupies the ground-level retail space along with the Capital Deli.

The building itself actually sits on property that is ground leased from the Post. Insiders say the ground lease issue presented somewhat of a challenge in securing a buyer. Owners were faced with marketing a leasehold interest with less than 50 years left on the lease. Selling interest in an office structure for the next 45 years or so makes for a limited audience of potential investors. District records show a proposed 2003 assessed value of nearly $20.79 million for the land and the building.