Dek Potts and Jim Meisel of Advantis Real Estate Services Co.'s Advantis/GVA advised seller 1411 K Street Holdings--a partnership involving New York-based Meritage Properties and Gaithersburg, MD's Buchanan Partners. The property secured $242 per-sf for the office. The partnership had acquired the site just two years for $10 million. Binswanger was self represented.

With an address in the city's central business district, 1411 K is just a few blocks from the White House. It was 1411 K Street Holdings' plan from the start to elevate the property's standing in the DC market. "Having completed the renovation program and successfully repositioned 1411 K Street in the market, and cognizant of the unique strength of the property sales market in Washington, DC, Meritage entered into a contract of sale to sell," Meritage officials note on the company's website. Today the property is 84% occupied, and according to Potts, the new Binswanger-affiliated owner intends to continue upgrading the property to appeal to businesses seeking small spaces along the lobbyist-laden K Street corridor.