Eastdil Secured represented the seller, Jamestown Properties in Atlanta.
The 195,000-sf building is fully occupied, with the US Fish and Wildlife Service and Interstate Hotels & Resorts taking up most of the space. "This building has it all--a strong tenancy in a highly desirable mixed-use environment, located within a growing submarket," says Kathleen Hands, managing director of GIM, in a statement. "For these reasons, Grosvenor Investment Management expects this investment to provide stable returns."
The nine-story building was constructed in 2002. It sold in May 2003 for $61.3 million, according to local comps.
This particular sale, as well as other recent trades, illustrates that prices are not dropping in DC and surrounding markets despite a slight slowdown in sales volume, Tonya Ginter, director of research for GVA Advantis tells GlobeSt.com. Ginter points to another sale in this submarket last month; 1310 North Courthouse, a 353,000-sf office building built in 1982, which sold for $115 million. MRP Realty joint ventured with the Rockpoint Group to buy the asset from Rreef Funds, she says, noting that it is fully occupied by Verizon at the moment but is expected to vacate the building in the mid term.
According to GVA Advantis, average sf price points in both DC and Northern Virginia remain high at $488 per sf and $302 per sf, respectively.
Grosvenor was unable to comment in time for deadline.
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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.
