WASHINGTON, DC–JBG Smith has sold the 231,000-square foot Bowen Building, located at 875 15th St., NW, for approximately $139 million or $602 per square foot, according to a source. The buyer is JP Morgan.
One of the assets JBG Smith inherited from Vornado, the Bowen Building is about 86% occupied with such tenants as Rogers Joseph O'Donnell and the Treasury's Office of Inspector General, which moved into the building last year, occupying 58,400 square feet. It also houses Paul Hastings at the moment, however the law firm will be moving out when Tishman Speyer's 11-story, 364,000-square foot trophy office building at 2050 M St., NW delivers. The law firm is taking 97,000-square feet there in a 16-year lease.
The last time the property traded was in 2005 for $132 million, according to Real Capital Analytics.
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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.
