Bill Collins, Paul Collins, Drew Flood and Jud Ryan of Cassidy & Pinkard Colliers represented the New York City-based TIAA-CREF. The New York City-headquartered BlackRock Realty represented itself in the negotiations for the 1015 15th St. holding.
The 12-story building is 100% leased to a mix of office and retail tenants. The roster includes McGuiness Norris & Williams LLP, American Consulting Engineers, Clarity Media Group and the Hudson Group.
Built in 1978 and renovated in 1998 to include marble flooring and walls in the lobby area, the structure isn't a "typical" class B in the East End, Tonya Ginter, research director for GVA Advantis, tells GlobeSt.com. The building is within view of the White House and one block from the McPherson Square metro station. Normally a rental rate for a class B property in the neighborhood would be $37 per sf, but she says rental rates at 1015 15 St. are likely a little higher-- $40 per sf.
Comparable buildings in the East End are trading at a wide range of prices, depending of course on size and quality. In the spring, 1400 Eye St. sold for roughly $41.4 million while 1250 Eye St. fetched $74 million. In March, an 84,000-sf building at 1121 14th St. went for $19.4 million and 1090 Vermont, also an April closing, brought $56 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
