Medical Building Sells for $43M

WASHINGTON, DC-The 160,000-sf medical office building at 2021 K St. has gotten a new owner with LaSalle Investment Management’s recent acquisition of the property from Devon Properties Inc. affiliate Marigold Partners Inc. for a reported $42.7 million. The property, which LaSalle Investment acquired on behalf of its Medical Office Fund, has an assessed value for 2003 of nearly $36 million.

“We view this as an excellent long-term investment for the Medical Fund,” LaSalle’s Medical Office Fund president Steve Bolen tells GlobeSt.com. Located just blocks from George Washington University Hospital, the eight-story building features ground-level retail space and an underground parking garage to accommodate more than 250 vehicles. In addition to being in good condition, the building is mostly occupied with tenants such as The Alliance for Aging Research, The Associated Press, LabCorp., Washington Radiology Associates, and a bevy of physicians and healthcare lobbyists.