The building, which has been repositioned to Class A since Advance's acquisition of it in 1998, is now 97% leased. Advance spent $2.7 million in capital improvements on the 137,000-sf, two-story building.
The deal also means Advance has now leased up some 98% of its DC portfolio.
"Overall, the Washington DC portfolio has proven to be a highly favorable investment for Advance Realty Group," David Fisher, senior vice president and regional managing director of Advance's DC region, says in a statement.
In an earlier interview with GlobeSt.com Fisher said that when the company reaches full occupancy in its DC portfolio, it will turn its attention to lease expirations set for next year as well as further value-add acquisitions in the area.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
