Little Office Building Brings In Big Bucks

WASHINGTON, DC-The 12-story office structure at 727 15th St. may be small at 43,500 sf, but the sum of money it has commanded in a recent sale is not. Cambridge Holdings, operating under the business name of 727 15th Street Associates LP, handed over ownership of the property in exchange for $8.4 million, or a respectable $193 per sf. The last time the building hit the market was in 2001 when it brought in $6.1 million.

NCRC is not only the new owner of 727 15th St., the local non-profit lender will also become a new tenant at the office property, taking over two floors of the nearly two-decade-old building. “It is another example of the active user/investor market in downtown Washington, DC,” Advantis/GVA’s Dek Potts says of NCRC’s purchase. Advantis/GVA negotiated the sale on behalf of Cambridge Holdings, while the Ezra Co. stood in for the buyer. NCRC will have a variety of neighbors in the 93% occupied building, including the American Bar Association, the International Center for Language Studies and Triad Communications.