The building, which has been repositioned to Class A since Advance's acquisition of it in 1998, is now 97% leased. Advance spent $2.7 million in capital improvements on the 137,000-sf, two-story building.
The deal also means Advance has now leased up some 98% of its DC portfolio.
"Overall, the Washington DC portfolio has proven to be a highly favorable investment for Advance Realty Group," David Fisher, senior vice president and regional managing director of Advance's DC region, says in a statement.
In an earlier interview with GlobeSt.com Fisher said that when the company reaches full occupancy in its DC portfolio, it will turn its attention to lease expirations set for next year as well as further value-add acquisitions in the area.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
