Investor Takes 404,000-SF Trophy Office Property

WASHINGTON, DC-Lincoln Square, a 404,000-sf trophy office property, has sold just four years after its approximately $100-million completion. While the financial terms of the deal have not been disclosed, the property’s current assessed value of $161 million gives some indication that the transaction could quite possibly represent the largest office building sale for 2005 to date.

Relying on the assistance of Bill Prutting Jr. and John Norjen of CB Richard Ellis, Ruben Capital Management sold the building at 555 11th St. NW to investor Ralph Dweck; Granite Partners also assisted in the sale. Designed by architectural firm Hartman-Cox, the property incorporates the facades of nine of 19 historic 19th and 20th century buildings that occupied the land prior to the development. The 12-story structure features a 22,000-sf of ground-level retail segment, an underground eight-screen movie theater and a three-level parking facility to accommodate approximately 320 vehicles. Lincoln Square is just a few blocks from the White House and a short stroll from all five lines of the city’s Metro system. The tenant base includes law firm Latham & Watkins, which moved into 184,000 sf on the top seven floors soon after the building’s completion.