Prestigious Office Property Pulls in $300 Per SF

WASHINGTON, DC-A prime 220,000-sf office property in the city’s central business district has changed hands in a recent deal valued at a respectable $66.3 million, or just over $300 per sf. A partnership involving the Penzance Cos. and Greenstreet/Niosi Capital Partners LLC has acquired the class A building at 1130 Connecticut Ave. from Fremont Properties. Carrying a current assessed value of $62.5 million, the property last hit the market almost exactly three years ago when Fremont purchased it $61.3 million.

“Penzance and GNCP share a mutual interest in owning high quality properties that yield advantageous returns and represent stable value–the investment in 1130 Connecticut Ave. is a prime example of the realization of this mutual interest,” Penzance principal Julia Springer Tolkan says.