According to a source, MayfieldGentry Realty is considering additional acquisitions in the DC market. "This is a great asset in a quality location and a highly desirable market," says CEO Chauncey Mayfield, in a prepared statement. "We are happy to add this to our fund holdings and make it our first purchase in the DC market."
Its class B quality, coupled with CBD locale, has attracted a mix of small to mid-sized tenants that want the K Street address. There are some 30 tenants, largely non profits and associations. Other companies occupying space in the building include Atelier Architects, the National Sleep Foundation and R.E. Bushnell & Law Firm.
This trade is another anecdotal data point that investment sales in the District are starting to move again--albeit certainly not at the same levels as the first half of last year. Another recent trade in the CBD was ING Clarion's acquisition of 1111 19th St. NW for $115 million and of course, Vico Capital's $172.5 million acquisition of 2099 Pennsylvania Ave.
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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.
