Relying on the assistance of a Cassidy & Pinkard team--consisting of Bill Collins, Paul Collins and Drew Flood--America's Capital Partners sold the 15-year-old corner office building to an unnamed national real estate investment fund two years after having acquired it from New York Life for $47.4 million. The value of the transaction has not been disclosed; however, according to District real estate records, the total proposed 2006 assessed value of the building and the less than half-acre parcel it occupies is $40.9 million.
The total leasable office space amounts to approximately 160,000 sf and houses such tenants as the Embassy of Sweden and the US Chess Center. As per Advantis GVA's Year-End 2005 Office Market Report, the average sales price for class A office buildings in the District was $459 per sf.
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