"Our strategy is to target smaller commercial and residential properties in metropolitan markets, where land is scarce, but job growth and demographics are favorable," Klein says. JOSS purchased the properties from two separate sellers.

Located in the city's Dupont Circle area, 1776 Massachusetts, an eight-story building of 91,300 sf, marked JOSS Realty's debut acquisition. The firm purchased the 35-year-old facility from 1776 Massachusetts Avenue Associates LP, which was represented by Paul Hanafin and Rick Siegel of West, Lane & Schlager, for $34.5 million. Jones Lang LaSalle had been marketing space at the property for $34.50 to $36.50 per sf. According to District records, the building and the one-third-acre parcel it occupies have a current assessed value of $19.9 million.

Developed in 1981, the 71,400-sf building at 2131 K St. NW is also an eight-story structure, located within one mile of 1776 Massachusetts. Relying on representation of Gerry Trainor of Transwestern Commercial Services, Douglas Development Corp. sold the renovated property to JOSS after having purchased it for $5.2 million in 1998. Space in the building was being marketed for about $34 per sf. The property, including the nearly one-third acre the building occupies, has a current assessed value of $14.9 million. "Washington, DC is ideal due to its government employment base and ability to maintain consistent job growth," Botel says.