Downtown Office Building Brings in $366 Per SF

WASHINGTON, DC-The 171,000-sf office building at 1150 18th St. has jumped from one portfolio to the next in a recent deal valued at $62.7 million. After having purchased the class A property for $46 million in 1999, A&A 1150 18th St. Associates sold the building to TMW Property Funds (USA)–which was acting on behalf of investors–for a substantial $366 per sf. Cushman & Wakefield, led by senior director Warren Dahlstrom, was the only brokerage firm on the deal.

Built in 1989, 1150 18th St. has an assessed value of about $50 million. The office facility is currently 88% occupied by an array of strong tenants ranging from Halliburton Corp. to the Pew Research Center. The property would have undoubtedly commanded a great deal of attention if it had been put on the open market, but the sellers took a different approach. “We were asked by the clients to take it to market very quietly,” Dalhstrom tells GlobeSt.com. “So we only went to one capable investor, and they were so excited about it, they jumped all over it.”