Historic Bank Building Sells for $84M

WASHINGTON, DC-In an $84-million transaction, CarrAmerica Realty Corp. snapped up the Commercial National Bank Building from an offshore entity operating under the name of New York Avenue Properties LLP. The seller relied on Chesterton, a London-based investment advisor, as its representative on the transaction.

The 206,000-sf property holds nostalgic value for CarrAmerica; the company’s predecessor, the Oliver Carr Co., redeveloped the historic property in 1989 before relinquishing ownership. But CarrAmerica has always remained connected to the property, handling management activities ever since the redevelopment project.

Depending on how one looks at it, the Commercial National Bank Building sits at 700 14th St., or 1420 New York Ave. When the property underwent redevelopment 15 years ago, the original structure, built in 1917, was connected to a new structure with the address of 1420 New York Ave. As for its history, the original Waddy B. Wood-designed limestone building was developed for Commercial National Bank, which served as the main occupant until the financial institution fell prey to the Great Depression and went out of business in 1937. The property made it on the list of the National Register of Historic Places in 1991.