2001 Penn Ave. Trades for $112M

WASHINGTON, DC-Louis Dreyfus has acquired 2001 Pennsylvania Ave., NW, a class A, 11-story, 157,666-sf office building from German institutional investors advised by Prudential Real Estate Investors. The company has not released the acquisition price but according to Tonya Ginter, director of Research & Marketing for GVA Advantis, the company acquired the asset for $111.5 million, or roughly $707 per sf. It is a price point that is markedly higher than other investment trades in the District, she tells GlobeSt.com.

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.