UPDATE: 170,500-SF Trophy Office Property Trades

WASHINGTON, DC- Five months after hitting the market, the 170,500-sf trophy office property at 1501 M St. has changed hands. Located in the city’s central business district, 1501 M St. was designed by the architectural firm of Hartman-Cox and also offers a three-level underground parking facility and about 3,700 sf of ground-level retail space.

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.