Developed in 1982, the three-story office facility occupies one-third of an acre on the middle of a block near the intersection H and Second streets. District records list the property's proposed assessed value for 2005 at nearly $3.2 million. At the time of the transaction, the building was nearly completely vacant with a 2% occupancy level, but that factor, apparently, did not dissuade interest in the property.
"Our client was able to achieve a terrific price for the property, due to the robust investment sales market throughout the District of Columbia," Advantis/GVA's Dek Potts says. Potts and colleagues Jim Meisel and Peter Larson represented the seller and served as the only brokers on the deal.
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