That is why this trade is taking on a sort of symbolicimportance to nervous building owners and worried brokers: not onlydid a trophy building sell at a good price in a relatively shortperiod of time--four months--but at $867 per sf, it was the highestrecorded price in the market. According to John Kevill, managingdirector at Jones Lang LaSalle, the nearest trade was $825 per sf,registered a few years ago, when 1801 PennsylvaniaAve. was sold.
Kevill, along with Collin Ege, represented the seller,Germany-based Wealth Management Capital Holding GmbH in thetransaction. The building was originally developed by a JV betweenKaempfer and Real Estate Capital Partners in 2001. That year it wassold to Wealth Management. Debra and Benjamin Lacy of Lacy Ltd.advised Wealth Capital in this transaction as well as its purchaseof the building seven years ago.
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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.
