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$78M for 799 Ninth St.

WASHINGTON, DC-Developed for $60 million, the new 201,500-sf, class A office structure at 799 Ninth St. comes under contract to be sold to German fund manager Blue Capital Investments. The building is 95% leased to government tenants.

By remstaff | Globe Street | | Updated on August 26, 2002

WASHINGTON, DC-Developer DRI Partners Inc. and joint venture partner CarrAmerica have secured a buyer for their new 201,500-sf, office building at 799 Ninth St., less than a year after its completion. The 10-story, class A structure is under contract to be sold to German fund manager Blue Capital Investments for an estimated $78 million, or as noted by CarrAmerica chief investment officer Karen Dorigan during a recent earnings conference call, about $385-per-sf.

Located in the District’s East End submarket, the glass-and-steel structure features three floors of sub-level parking capable of accommodating up to 155 vehicles. CarrAmerica senior vice president of capital markets Stephen Walsh tells GlobeSt.com the property cost approximately $60 million to develop and is 95% leased to federal government entities. Occupants include lead tenant the US Mint, which pre-leased its 150,000-sf space in a 20-year deal for $42-per-sf, and the General Services Administration, which occupies two floors.

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