1501 K St., NW
JBG Smith has sold The Investment Building, a 401,433-square foot office in the CBD that is located at 1501 K St., NW. The property traded for $385.4 million, or $960 per square foot. The sale, first reported in Bisnow, has been independently confirmed by GlobeSt.com.
The buyer is an individual firm, Ponte Gadea, backed by a high net-worth investor.
JBG Smith owned the building in a JV with JP Morgan Asset Management. The sale was brokered by Cushman & Wakefield.
The 94-year-old building, now about 92% occupied, was renovated in 2001. The last time it traded was in 2006 for $286.3 million.
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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.
