Real estate firm Akridge owns the remaining 5% interest in the fully occupied facility. According to District records, the property has a current assessed value of $33 million.
Prudential, which relied on Holliday Fenoglio Fowler to market the site and close the deal, had owned its majority interest in the property since June 2003. "We saw an opportunity to sell our stake and make a good return for our investors, so we took the opportunity," a spokeswoman for Prudential parent company Prudential Financial Inc. tells GlobeSt.com.
Developed in 1980, the 12-story structure also features a fitness facility and three levels of underground parking space. The building's tenant roster includes the Joint Center for Political and Economic Studies, the National Institute of Building Sciences and Scripps Howard News Service.
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