Located at 734 15th St., the 12-story building was built in 1936 and is 94% leased to law firms, including Covington and Burling, associations and political organizations. It is one of a handful of historic structures on that street, some of which--such as neighboring 733 15th St.--are currently being renovated and repositioned.
Indeed that is Willet's plans to add value to the building, CEO Frank Kenny tells GlobeSt.com. "We will refurbish all of the common areas." He declined to give a projected dollar cost for the renovations. According to Kenny, the firm is planning additional acquisitions in the DC market.
HFF represented the seller.
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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.
