Tiny Building Trades for Whopping $231 per SF

WASHINGTON, DC-Big or small, office properties in the District remain hot, and the recent sale of the 34,700-sf building at 915 15th St. is no exception. The 10-story structure known as McPherson Square Building has commanded $8 million, or approximately $231 per-sf, in a deal between seller Cambridge Property Group and buyer the American Civil Liberties Union Foundation Inc. Situated in the East End submarket fronting McPherson Square Park, the property has a proposed 2004 value of $6.6 million.

At the time of the sale, the McPherson Square Building was leased to 96% capacity to tenants including the Eisenhower Institute, and the American-Turkish Council. The ACLU will eventually take on some space in the building. The property also features ground-level retail space that is home to celebrated French restaurant Gerard’s Place, as well as Birds Florist. Cassidy & Pinkard represented the seller in the transaction, while Newmark & Co. Real Estate Inc. stood in for the ACLU.