Building Sells for $247 per SF

WASHINGTON, DC-Office buildings in the District continue to reel in the big bucks, as evidenced by the recent $16 million sale of 1100 Vermont Ave. The barely 65,000-sf structure has brought in a substantial $247 per sf for seller L & Vermont Partnership, which relied on the assistance of Advantis Real Estate Services in the disposition to Pennsylvania-based equity fund BET Investments.

It is not just 1100 Vermont’s location on a corner lot in the city’s central business district that renders it an attractive investment, but the building’s tenancy also adds to its appeal. The US Department of Justice is the sole occupant of the 12-story structure under a long-term lease agreement. Built four decades ago, 1100 Vermont carries a current assessed value of just over $11.5 million. It was back in 1988 when ownership of the property last changed hands.