New Firm Buys Two Office Properties

WASHINGTON, DC-Newly created real estate investment firm JOSS Realty Partners LLC has acquired the office buildings located at 1776 Massachusetts Ave. NW and 2131 K St. NW. The firm is spearheaded by longtime industry players Steve Klein and Larry Botel. The class B properties, totaling 162,700 sf are indicative of JOSS Realty’s core acquisition plan, which focuses on properties here, in New York, Philadelphia and Southeast Florida in the range of $20 to $50 million.

“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.