The building is 99.5% occupied, Kevin Howard, senior vice president with CBRE tells GlobeSt.com. Current building tenants include George Washington University, United Nations Food Program, the US Chemical Safety & Hazard Board and the US Hispanic Chamber of Commerce. "We'll be focused on leasing the remaining space in the building and handling any rollover," Howard says. "Meanwhile, we are also looking at several possible areas to add value to the building."
Minshall Stewart Properties owns additional properties in the Greater Washington area, including two buildings in Tysons Corner: 1951 Kidwell Dr., a 175,000-sf property and 1953 Gallows Rd, which is 280,000 sf, according to the company's website.
However, 2175 K St. is its first acquisition in Downtown DC. This acquisition "fits perfectly into our business model of adding value through attentive management and strong tenant relations," says John Stewart, principal at Minshall Stewart Properties, in a statement.
The central business district is one of the healthiest submarkets in the DC area, with buildings trading for an average of $400 per sf. For instance, at the end of December 1920 L St., a 105,428-sf, eight-story building in the CBD traded for $47.5 million, or $451-per-sf as reported in GlobeSt.com.
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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.
