1875 K St. Brings in $113M

WASHINGTON, DC-Nineteenth & K Ventures–a partnership involving Quadrangle Development Corp. and Potomac Investment Properties Inc. affiliates–has sold the office property at 1875 K St. NW to an unnamed private investor as part of a 1031 exchange for $113.1 million or $603 per sf. The three-year-old, 187,600-sf building and the nearly half-acre parcel on which it sits have a total current assessed value of $54.7 million.

Bill Collins, Paul Collins and Drew Flood of real estate services firm Cassidy & Pinkard assisted the seller. Designed by Hartman Cox Architects, the property is fully occupied. Lead tenant law firm Wilkie, Farr & Gallagher, was the first to prelease at the site, committing to a 52,400-sf space that has now expanded to 73,390 sf, or 40% of the property. Consulting firm the Corporate Executive Board occupies a 49,500-sf space under a lease that is not scheduled to expire until October 2012; the law firm’s lease expires five years later.