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K Street Investment Building Trades for $290M

WASHINGTON, DC-This is the highest sale this year in the District on a per sf basis, surpassing the area average of $465 per sf.

By Erika Morphy | Updated on December 21, 2006

WASHINGTON, DC-The Investment Building, a class A property located at 1501 K St., has traded for $290 million, or $782 per sf. The sellers were a joint venture between German firm KanAm Group and SITQ, a subsidiary of Canadian Caisse de Depot et Placement.

JP Morgan Investment Management acquired 95% of the interest in the building, with Vornado Realty Trust retaining the 5% that it had owned when KanAm and SITQ acquired the building in 2001, according to Steve McCarthy, managing director of WestWind Capital Partners, exclusive advisor to KanAm in the US. Eastdil represented the seller.

McCarthy would not discuss price points. However, according to local comps, the acquisition price of $290 million refers to the full sale of the building–not just the 95% interest that traded to JP Morgan. In 2001, the full purchase price of the building when SITQ and KanAm acquired it was recorded as $165 million.

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