2101 L St. Lands Soundly in Vornado Portfolio in $77M Deal

WASHINGTON, DC-In a transaction valued at a reported $77 million, Vornado Realty Trust has closed on its acquisition of the 370,000-sf office building at 2101 L St. Vornado bought the property through its Charles E. Smith Commercial Realty Division from a limited partnership in which two Vornado trustees, Robert H. Smith and Robert P. Kogod, are involved. In exchange for the prominent office structure, Vornado handed the owner partnership–listed on District records as 1100 21st St. Employees Assoc. LP–about $32 million in cash and 1.1 million newly issued Vornado Realty LP partnership units valued at an estimated $45 million. The deal includes Vornado’s assumption of a designated amount of existing mortgage debt.

Situated in the city’s CBD, 2101 L St is home to a variety of tenants ranging from the American Association for Clinical Chemistry, law firm Dickstein Shapiro Morin & Oshinsky LLP, and the General Services Administration, which has a lease on nearly 42,000 sf of space scheduled to expire in 2006. The property has a 2004 assessed value of just over $67.3 million. Dickstein Shapiro has a hold on its space until June 2005.