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CBD Office Trades for $30M

WASHINGTON, DC-Investment sales are slowing picking up in Q2 as more sellers and buyers work through the fallout of the capital crunch.

By Erika Morphy | Updated on May 01, 2008

WASHINGTON, DC-A new buyer has entered the DC market. Detroit-based MayfieldGentry Realty Advisors has acquired an 89%-occupied building in the CBD, 1522 K St., for an undisclosed price. The 81,094-sf, class B office building was built in 1964. MayfieldGentry Realty Advisors plans to bring it up to a class A quality by investing in upgrades to the building’s systems and by making cosmetic improvements.

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.”

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