1920 L Lures Buyer for $28M

WASHINGTON, DC-The 105,000-sf office building at 1920 L St., has gotten a new owner in a recent $27.5 million transaction. With the assistance of Advantis Real Estate Services Co., Invesco Realty Advisors, operating on behalf of owner the Los Angeles County Employees Retirement Association, got $264 per sf for the building from buyer AEW Capital Management. District records list the property’s 2004 assessed value at approximately $24.7 million.

The eight-story structure rose up on its corner spot in the Golden Triangle area 35 years ago and was last renovated in 1999. In addition to its office space, the building features ground-level retail space, as well as a four-level subterranean garage. At the time of the deal, the property was leased to 87% capacity. Advantis agents handling the transaction noted that part of the appeal of the building is the fact that there is near-term rollover of 40%, which, with new tenants, would bring the rent on those spaces up to the current market level.