At the end of the second quarter of 2007, according to a recent report authored by Ginter, the average sales price for an office building in the District was $474 per sf, withclass A buildings averaging $496 per sf and class B buildings averaging $415 per sf.
2001 Penn. Ave., called the James Monroe Building, meets all the criteria of a premium asset. It is fully leased to law firms, associations and financial service companies. It is also situated on a corner parcel in the White House-to-22nd Street corridor. Neighboring institutions include the World Bank headquarters, International Monetary Fund and George Washington University.
The 2001 Penn. Ave sale is also illustrative of the continued strength of investment sales in the DC market. The year appears poised to break another record in investment sales; already $9.6 billion in building trades have occurred in the DC metropolitan area for 2007, according to Ginter.
Bill Collins, Paul Collins, Drew Flood and Jud Ryan of Cassidy & Pinkard Colliers represented the seller in this transaction.
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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.
