Farragut Building Brings in $59M

WASHINGTON, DC-ING Clarion has acquired the Farragut Building from TIAA-CREF in a $59.2-million transaction. The 145,100-sf office structure is located at 900 17th St. NW.

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.