1331 L Street in Washington DC
WASHINGTON DC – Drawbridge Realty has purchased a 169,430-square-foot, class-A office building in an $87 million transaction.
The ten-story asset, located at 1331 L Street in Washington DC, serves as the corporate headquarters for CoStar Group Inc., which currently occupies the space with 850 employees.
The acquired structure is LEED Gold-certified and CoStar's offices are LEED Platinum-certified.
The property features a 2,940-square-foot rooftop terrace, a state-of-the-art conference center, a 3,000-square-foot fitness center and a three-level, below-grade garage with 102 parking spots and 12 electric vehicle charging stations.
The site, situated along the city's 14 Street Corridor, is located five blocks from the White House and two blocks from the McPherson Square Metro Station. Originally constructed in 2008, the building is positioned in the city's CBD and East End submarkets.
The acquisition serves as Drawbridge Realty's third investment in the greater Washington DC market. Aiming to grow its portfolio, the firm now owns and manages nearly 500,000 square feet of property in the area.
The seller was represented in the transaction by Eastdil Secured's Nicholas Pappas and Tim McDonald.
Drawbridge Realty is a national real estate investment company, based in San Francisco. The firm targets commercial property investments in growth markets across the US, and currently handles a 49-property portfolio, totaling more than 5 million square feet.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
