The 12-story tower at 1801 K St.--which features ground-level retail space and a subterranean parking facility capable of accommodating more than 400 vehicles--was built just over three decades ago, and boasts a prime location in the city's Central Business District. Leased to near maximum capacity, the building is home to such occupants as Cushman & Wakefield, the Society of Plastics, Young & Rubicam, and retail space occupants Bank of America and Borders Books.

"It's a great investment," Donhauser notes. "It's in a phenomenal location. K Street near Pennsylvania Avenue is one of the most desirable areas in Washington, DC. It's ground zero in our market. And there's potential in releasing that will make for a solid return on investment." Leases on approximately 200,000 sf of space are expected to expire over the next four years. Commenting last month about the forthcoming acquisition, Starwood senior managing director Rick Kleeman added that, "Given the building's strong tenant roster, and the attractive rates in-place when we purchased it, the asset will produce good current cash flow."