This transaction marks the third change in the low-rise structure's ownership in the last eight years. According to Montgomery County records, it sold for $3.2 million in 1994 and for $8 million in 1998. The property carries a current assessment value of nearly $8.2 million.

Advantis Real Estate Services Company's Advantis/GVA served as the broker for both seller and buyer. "It was simple," Advanits/GVA's Jim Meisel tells GlobeSt.com of the sale. "There is one tenant in a building in a great location, so it had a lot of appeal to a lot of investors." Also, steep competition was spurred on by the fact that the building is fully occupied by the National Institutes of Health. The organization's lease does not expire until 2014.

"At this time people are looking for a yield they can depend on," Meisel adds. "And with the federal government with a 12-year term lease, that's a very desirable situation."