Jones Lang LaSalle Secures 1500 K Assignment

WASHINGTON, DC-Jones Lang LaSalle has won the leasing and management assignment for the 1920s era edifice at 1500 K St. known as the Southern Railway Building. The real estate services company had handled leasing activity for the office building before new owner Grosvenor USA acquired the 245,000-sf property last month for nearly $84 million. Located downtown, the 11-story structure also features 18,000 sf of ground-level retail space and a 120-space underground parking garage.

“Our seasoned leasing and management team is uniquely qualified for this assignment having successfully repositioned the property during a more than $2.5 million capital improvement for the previous owner,” says Jones Lang LaSalle regional leasing director Holly Davis. The building was previously part of the portfolio of TIAA Realty Inc., a division of Teachers Insurance and Annuity Association College Retirement Equities Fund. Home to such organizations as GlaxoSmithKline, the Council on Competitiveness, and a slew of law firms, the Southern Railway Building was 92% leased at the time of its most recent change in ownership.