The approximately $350 per-sf price tag is indicative of the Washington, DC area's continually thriving office market despite the less than favorable economy; a factor that has grown increasingly attractive to both domestic and international investors. "Broadway has a focused investment strategy--we target strong markets and stable rent-rolls," says real estate investment firm Broadway Partners' founder and CEO Scott J. Lawlor. "Washington Harbour fulfills these criteria."

Situated on five acres along the Potomac River in the popular Georgetown area, Washington Harbour is comprised of 464,000 sf of office space contained in two buildings that are connected via a boardwalk, and 73,000 sf of retail space that also accommodates six restaurants. In addition, the property features a two-level subterranean parking garage facility. Shorenstein acquired Washington Harbour from Crescent Real Estate Equities in 2001 for $165 million.

"The property is 99% leased with less than 1% rollover in the next two years and almost 75% of the space in place until 2007," Lawlor adds. "In addition, the property commands rents inline with the premier assets in the District's central business district." Law firms--including Collier Shannon Rill & Scott, Foley & Lardner, Orrick Herrington & Sutcliffe, and Swidler Berlin Shereff Friedman--occupy much of the office space. Restaurants Sequoia Grill and Tony & Joe's are two long-time occupants of the complex's retail space.