140,000 SF Class B Building Fetches $30M

WASHINGTON, DC-The three-decade-old building at 1100 17th Street has commanded $30 million in a transaction between local buyer Northridge Capital Inc. and Los Angeles, CA-based seller American Realty Advisors. Located in the city’s Central Business District, the 12-story, 138,500-sf structure has a 2003 assessed value of $22.6 million, according to District records.

About 18,000 sf of the corner structure is accounted for in ground-level retail space. Holliday Fenoglio Fowler marketed the building on behalf of American Realty and lists the current occupancy at 95%. Tenants include the League of Arab Nations, the Community Action Partnership, and the American Academy of Actuaries. Office space in 1100 17th Street, rated as class B, goes for an average of $27-per-sf and 61% of the leases will expire within the next four years. American Realty’s disposition of the building comes about 2 ½ years after its $28.5 million acquisition from UBS Brinson. For Northridge, the buy marks the company’s first purchase of the year.