Downtown Building Sells for $21M

WASHINGTON, DC-Ownership of the 100,000-sf office building at 1015 18th St. changes hands with Norfolk, VA-based Harbor Group International’s recent $21-million purchase of the downtown structure from the State of Illinois Pension Fund. Harbor acquired the building through a joint venture between its subsidiary, 1015 Financial Associates and an unnamed corporate investor.

An 11-story edifice with three underground floors of parking, 1015 18th St. is 32-years-old and underwent a thorough renovation just a few years ago. It carries a 2003 assessed value just short of $18.2 million. With a variety of tenants such as The Federalist Society, law firm Katz & Ranzman, Metro Water District, and YWCA Headquarters, the office structure is 87% occupied with space leasing for approximately $34-per-sf.