1101 Connecticut Ave. Trades for $40M

WASHINGTON, DC-Penzance Properties LLC has acquired the 179,000-sf office building at 1101 Connecticut Ave. NW in a $40-million transaction. IBG Partners LLC sold the class A facility only two years after having purchased it from Lowe Enterprises for $30.7 million. Lowe purchased the building in 2000 for $26 million.

District real estate records list the property’s proposed 2006 value as nearly $46 million. Originally developed in 1975, 1101 Connecticut Ave. is located on a half-acre parcel between George Washington University and the White House in the city’s central business district.