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Capitol Hill Office Trades for $45M

WASHINGTON, DC-The current tenant, the Federal Bureau of Prisons, will continue to occupy the building until July 2016.

By Erika Morphy | Updated on June 26, 2008

WASHINGTON, DC-A Capitol Hill office has traded for $44.9 million. Municipal Associations sold 500 First St., NW, to Polinger Development Co. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy & Pinkard Colliers represented the seller in the transaction.

The Federal Bureau of Prisons currently occupies the entire 131,141-sf building. While negotiations were going on for the sale, the buyer did not know if GSA would renew the lease or not, Ryan tells GlobeSt.com. If it hadn’t, he says, it wouldn’t have been a significant blow as demand for space in Capitol Hill–a very small enclave in the District–is quite high. “There has been demand, particularly for class A space, by lobbyists and associations to be closer to the Capitol.”

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