WASHINGTON, DC-Ownership of the historic Army and Navy Club Building, standing since 1911 at 1627 Eye St., changes hands with Chicago-based Equity Office Properties Trust's $37.4-million acquisition of the building from the Dutch Metal Workers Pension Fund. A 170,000-sf edifice that has undergone a series of renovations in its nearly one century of existence, the structure has been on the market since December of 2001.

Located in the District's Farragut area, the building offers 104,000 sf of office space, reserving the remaining square footage for old club amenities such as residence rooms, as well as squash and racquetball courts, a sauna and steam baths, and a restaurant. It is 100% leased to tenants including the DC bureau of the New York Times and law firm Coudert Brothers, which occupies three floors.

The club, in existence since 1885, occupies the first four floors of the building, below which is a 95-space parking garage. Dutch Metal Workers acquired the structure shortly after then-owner Farragut Associates completed a major reconstruction in 1987. Part of that $15 million renovation included the designation of what had been the “ladies' entrance” at 901 17th Street as the main club entrance, while the former “for men only” entrance on Eye St. is now used by building tenants. Currently, the structure carries a proposed 2003 assessment value of nearly $46 million.