WASHINGTON, DC—A source tells GlobeSt.com that Dweck Properties has found a buyer for 300 New Jersey Ave., NW, and 51 Louisiana Ave. The purchase price, according to the source, is about $1,105 per square foot for the two buildings, for a total of approximately $510 million. Sage Capital Advisors is the broker.
If the report is accurate, these properties will be the latest DC buildings to join the small but growing club of properties that have traded over $1,000 per square foot.
300 New Jersey Ave., NW, is a 255,904-square foot, ten-story that delivered in 2010. 51 Louisiana Ave., or America's Square, is 205, 580-square feet. It was originally built in 1935 and redeveloped in 1999.
Dweck Properties recently put on the market three properties in Arlington that Transwestern is now marketing. The portfolio totals over one million square feet and is 87% leased; 66 percent of which is occupied by the federal government's National Science Foundation through December 2017.
Last November, Lincoln Square, a 422,354-square foot office building in DC's East End, traded for about $300 million or roughly $743 per square foot. Rockrose Development acquired the 13-story building from Ralph Dweck via the Lincoln Circle Associates LLC.
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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.
