2300 N St. Brings In $114M

WASHINGTON, DC-The class A office structure at 2300 N St. has gotten a new owner with Blue Capital Investments Inc.’s recent acquisition of the 280,000-sf building from Boston Properties in a $114 million deal. Boston Properties developed the property back in 1986. Located in the West End area, which is sandwiched between Dupont Circle and Georgetown, 2300 N St. has a 2004 assessed value of nearly $96 million.

The eight-story tower is home to a bevy of tenants including law firms Shaw Pittman LLP and Wilkinson Barker Knauer LLP. Boston Properties has agreed to continue providing property management and leasing services on behalf of Blue Capital, which is a subsidiary Vereins-und Westbank AG, Hamburg, Germany. “We are pleased to acquire 2300 N St. as our third property in Washington, DC,” Blue Capital vice president Olaf Fortmann says. “It is an excellent long-term investment and increases our US portfolio to more than $900 million. We are delighted to retain Boston Properties as property manager.”