"The sale helped them complete an assembly of office space on that block that it wanted," Holliday Fenoglio Fowler senior managing director Jim Meisel tells GlobeSt.com. 1020 19th, 1900 L St., and 1920 L St., he says, gives Zuckerman Gravely a very large future development site.
Meisel, along with senior managing director Dek Potts, were the sole brokers involved in the transaction.
1020 19th St. is a 108,000-sf property that is currently 87.9% occupied.
"Zuckerman Gravely plans to make minor upgrades to this newest building in their portfolio and embark on an aggressive leasing campaign to bring existing below market rental rates to market rates," Potts says in a statement.
Average rental rates in the CBD for class A and class B space, respectively, are on average $45.84 and $39.36 per sf, according to GVA Advantis Q1 figures.
Recent sales in DC's CBD include 801 19th St., NW, a 236,054-sf building that traded for $131.5 million, or $557 per sf, and 1401 Eye St., which traded for approximately $148 million, as reported by GlobeSt.com.
Another example is Minshall Stewart Properties, which purchased 2175 K St., an eight-story, class B office property for $41 million or $401 per sf, as reported by 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.
