"In the District, prices remain extremely competitive," Advantis Real Estate Services notes in its most recent office report. "Through the third quarter of 2005, the average sales price for an office building was $414 per sf, with class A buildings averaging $463 per sf and class B buildings averaging $338 per sf."
Occupying a corner lot, the office sits in the city's central business district in the Street Corridor, which is ground zero for the district's leading lobbyists. The Holle & Lin-designed building was developed in 1971 and features approximately 50,500 sf of ground-level retail space, as well as a three-level underground parking facility to accommodate more than 350 vehicles.
Additionally, 1801 K holds the distinction of being one of the few large office facilities in Washington, DC that is not predominantly occupied by government agencies. Somerset plans to submit the property--currently 85% occupied and marketed through Woodmark Real Estate Service in the high $30-per-sf range--to a comprehensive renovation that will cost what the company estimates will be about $50 million.
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