Advantis/GVA Realty stood in for Meritage in the deal, while Cambridge Property Group represented the seller.

Situated in the District's Capitol Hill/Southwest submarket, 475 School St. was developed in 1967 and underwent a major renovation just seven years ago. It is occupied in its entirety by Northrop Grumman under a lease that is not scheduled to expire until mid-2010. "475 School St. represents a well-located, pristine asset with a strong long-term tenancy in one of our core markets," Meritage's Andrew Nathan says. "With no major renovation required, it presents the perfect balance to our repositioning activities at [our first acquisition] 1411 K St." District records list the five-story building's 2004 assessed value at $11 million. The seller acquired the property in 1999 for just over $10 million.