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L Street Office Asset Trades for $48M

WASHINGTON, DC-AEW Capital Management sells the building to Zuckerman Gravely Development.

By Erika Morphy | Updated on December 26, 2006

WASHINGTON, DC-AEW Capital Management LP sold a 105,428-sf office building here to local investment firm Zuckerman Gravely Development Inc. for $47.5 million. Located at 1920 L St., the eight-story building was built in 1968 and extensively renovated in 1999 and 2002.

Dek Potts and Jim Meisel, from GVA Advantis’ local office, were the sole brokers.

The transaction’s $451-per-sf acquisition price is typical for investment sales in the city, which have been averaging around $465 per sf for class A office space, although building trades have reached far higher price points than the mid-$400s as evident from last week’s sale of 1501 K St. which traded for $782 per sf, as reported by GlobeSt.com.

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