127,500-SF Class B Office Fetches $43M

WASHINGTON, DC-Ownership of the 127,500-sf office building at 1129 20th St. NW has just changed hands in a $43.3-million transaction between seller the Penzance Cos. and buyer JOSS Realty Partners. The freestanding class B structure, which occupies a half-acre parcel in the Golden Triangle section of the central business district, last traded in 2003 when Penzance and joint venture partner Transwestern Investment Co. LLC acquired it for about $26.2 million.

According to District real estate records, the property has a proposed 2006 assessed value of $28 million. Gerry Trainor and Donald McCully, senior directors with Transwestern Commercial Services’ Mid-Atlantic Investment Services Group, facilitated the transaction on behalf of Penzance.

Developed in 1969, 1129 20th St. is an eight-story structure with a two-level underground parking facility that can accommodate about 160 vehicles. The building was renovated in 1996 and again early last year. At the time of the transaction, 1129 20th St. was 87% occupied with tenants such as the American Legislative Exchange Council, Chicago Title, accounting firm Mitchell & Titus LLP and the National Association of Student Financial Aid Administrators.