With the assistance of Holliday Fenoglio Fowler LLP, TIAA-CREF sold the property about three years after having purchased the class A facility from an affiliate of Quadrangle Development Corp. for $45.6 million. ING was self represented.

The building's sale price of approximately $408 per-sf surpasses the average sales price of $322 per-sf for the first half of the year, according to Delta Associates' Mid-Year 2005 Report on the Washington/Baltimore office market. "The investment sales market remained extraordinarily hot," the report notes of activity during the second quarter. The current assessed value of the building and the nearly half-acre parcel it occupies in the city's central business district is approximately $46.4 million.

A 12-story corner structure two blocks north of the White House and overlooking Farragut Square, the Farragut Building was developed in 1963 and renovated in 1989. A variety of associations, law firms, financial companies and other businesses make up the property's tenant roster. Current occupants include investment management firm T. Rowe Price, the Forum for International Policy, the Consumer Specialty Products Association and Bosley Medical.