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2121 K St. Sells for $68M

WASHINGTON, DC-The 133,000-sf office property at 2121 K St. NW sells for $67.5 million just one year after having changed ownership in a $49.8-million deal. The new owner plans a $30-million expansion.

By Barbra Murray | Updated on December 15, 2005

WASHINGTON, DC-Acting on behalf of a commingled investment fund, ING Clarion purchased 2121 K St. NW for $67.5 million. Seller M & J Wilkow had acquired the 133,000-sf office property in July 2004 for approximately $49.8 million.

Following M&J’s acquisition, the company secured a transferable development right, which paved the way for the expansion of the five-story structure by three floors and 52,000 sf. ING Clarion plans to upgrade the property to the tune of $30 million. The renovation project, scheduled to get under way in mid-2006, will add another three floors to the structure for an increased aggregate size of 192,000 sf.

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