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CBD Office Trades for $180M

WASHINGTON, DC-Bernard Spitzer is buying the 418,000-square-foot building from an affiliate of Broadway Partners.

By Erika Morphy | Updated on March 06, 2009

WASHINGTON, DC-The office property 1615 L St. is trading hands for $180 million, or $430 per square foot–one of the few office trades this year in the District. Bernard Spitzer, through a company he owns, has purchased the 418,000-square-foot office building from an affiliate of Broadway Partners. Spitzer, over the course of 60 years, has acquired a solid portfolio of residential and office towers in the New York and Washington, DC markets. A call to his office was not returned in time for publication.

Spitzer paid for the building with cash, assuming a pre-existing $138 million mortgage. Built in 1984, 615 L was then renovated in 2004 and is 92% occupied. The Washington, DC office of Eastdil Secured acted as sole broker in the transaction.

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