$60M Takes 1501 M St.

WASHINGTON, DC-A 170,311 square foot CBD/East End office building has traded for $60 million, according to a source familiar with the deal. Chicago-based John Buck Co. closed on 1501 M St. last week, purchasing the building from CB Richard Ellis Investors. Developed in 1991, the property recently underwent a LEED-related renovation; it is currently 90% leased. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy & Pinkard Colliers represented the seller, CB Richard Ellis Investors.

This is not the first office building John Buck Co. has acquired here: last fall it purchased 1620 L St., for $61 million. That purchase was among the last to close before the DC investment sales market went all but dark.

John Buck’s experience in the DC market was one factor that brought the sale to closure, Ryan tells GlobeSt.com. “”It helped that they had been one of the groups to acquire a property here recently–they have a proven track record and showed their ability to close a deal.”