Office Sells for $238 Per SF

WASHINGTON, DC-With the office market in the District continuing to lead the nation, small digs do not translate into small bucks, as is evident in the recent sale of a 26,500-sf office building on Capitol Hill. In a deal valued at $6.3 million, or $238 per sf, think tank Free Congress Research and Education Foundation Inc. has sold the structure at 717 Second St. to the Louis Dreyfus Co. Speaking to GlobeSt.com, Free Congress, which keeps its offices in the building, says it is now leasing its space from the new owner.

Developed in 1982, the three-story office facility occupies one-third of an acre on the middle of a block near the intersection H and Second streets. District records list the property’s proposed assessed value for 2005 at nearly $3.2 million. At the time of the transaction, the building was nearly completely vacant with a 2% occupancy level, but that factor, apparently, did not dissuade interest in the property.