"While the current low interest rates are creating a high-priced competitive market for office buildings in Washington, DC, strategically-located Class B product like 1000 Vermont Ave. remains a solid investment," Phillips Realty president and CEO Stephen Shaw explains. "The building's below-market rental rates provide potential income growth for the new ownership." The Bernstein Cos.' Consortium paid $16 million for the building in 2001. Tenants at 1000 Vermont include Americans for the Arts, the Association of Equipment Manufacturers and the Food and Drug Law Institute.
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