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400,000-SF Trophy Property Pulls in $124M

WASHINGTON, DC-Ownership of the 400,000-sf office building at 1615 L St. changes hands for $124 million. Sellers Halle Enterprises and Cambridge Property Group will hand the ownership deed over to Beacon Capital Strategic Partners II Acquisition LLC.

By Barbra Murray | Updated on March 19, 2004

WASHINGTON, DC-Big ticket office buying and selling activity continues in the District, perhaps the hottest office market in the nation, as is evidenced by the recent disposition of the class A building at 1615 L St. With the assistance of real estate services firm Cassidy & Pinkard, Halle Enterprises and Cambridge Property Group has sold the nearly 400,000-sf property to Beacon Capital Strategic Partners II Acquisition LLC for a whopping $124 million. The building last hit the market in early 2002 when it commanded $90 million.

Developed in 1984, the 13-story tower at 1615 L St. occupies a prestigious spot between 16th and 17th streets in DC’s central business district. In addition to its premiere office space, the building includes a 3,000-sf health club, an additional 3,500 sf of ground-level retail space, and a three-level underground parking facility.

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