Association Buys Office Condo for $23M

WASHINGTON, DC-The National Restaurant Association has acquired a 60,855-square foot office condo at Monument Realty’s Golden Triangle retail-and-office building located at 2055 L St., NW. The association paid $23 million, a price that reflects the addition of an eighth floor, whose construction costs clocked in at about $350 per square feet, according to Michael J. Darby, principal of Monument Realty.

2055 L St. is a 240,000-square foot building that was owned and occupied by Verizon until December 2010 when the company sold a condominium interest in the top three floors and 2,700 square feet of ground floor retail to Monument. Verizon retained the bottom four floors for its own use, primarily to house such equipment as switches. Monument manages the entire property and controls the common areas, including the main lobby, garage and elevators.