Located in the West End enclave of the District between Georgetown and Dupont Circle, 2445 M is fully occupied, predominantly by law firm Wilmer Cutler & Pickering whose offices account for 205,000 sf of the building's space. Wilmer--which has been the lead tenant in the structure since the building's completion 16 years ago--has a lease agreement for its offices through 2008.

"For several years to come, large tenants seeking contiguous space will continue to have few alternatives relative to other major markets," Jones Lang Lasalle senior vice president Bradford J. Heming notes. "Landlords controlling large blocks of space in the District will continue to be in the driver's seat throughout the decade as the number of well-located development sights continues to decline."

Germany-based Deka acquired the nine-story structure from the building's developer CarrAmerica Realty Corp. back in 1998 for $78.1; the highest price paid for a downtown office property in the District that year. Beacon Capital stepped in to the picture only after Deka's arrangement to sell the property to Chicago-based developer John Buck Co. fell through due to the company's failure to secure financing. For Beacon, the transaction marks the company's fourth building acquisition in the DC market over the last 12 months.