WASHINGTON, DC–ASB Real Estate Investment reported that 900 G St., NW has sold for $144 million, or $1,274 per square foot. GlobeSt.com first reported that this trade was pending last month.

This sale precedes another high per-square foot trade: 1440 New York Ave., which Clarion Partners is selling to Munich Re for $250 million. CoStar Group first reported on that trade last week.

900 G St., NW, a 112,635-square foot East End building, was sold to an affiliate of Masaveu Real Estate US — a subsidiary of Corporacion Masaveu of Spain — that was advised by EXAN Capital. Masaveu's US portfolio is valued at more than $720 million. ASB completed the transaction on behalf of its $7.4 billion Allegiance Fund, which owned the property.

ASB developed 900 G Street in partnership with MRP Realty and subsequently acquired MRP's interest after the project stabilized in 2016. The property is now 95% leased to such tenants as Simpson Thacher, Swiss RE, Rio Tinto, Herman Miller, Truth Initiative, and BMW.

“We saw a strategic, and somewhat unique, opportunity to take advantage of domestic and international capital demand for new Class A product after successfully leasing up this one of a kind trophy project,” said Larry Braithwaite, ASB's Allegiance Fund's portfolio manager, in a prepared statement.

The project was designed by Gensler and earned NAIOP's award for Best Urban Office Building up to 150,000 square feet in 2016. Eastdil Secured LLC was ASB's broker and DLA Piper LLP (US) served as ASB's counsel.

The Washington Building, as 1440 New York Ave. is called, and 900 G St., NW join a small but growing group of buildings in the District that have traded for more than $1,000 per square foot. Others have 900 16th St. NW and 1101 New York Ave. NW.

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