The bidding for the building was competitive, Flood tellsGlobeSt.com. "We had both domestic and overseas interest." Domesticbidders included pension funds and co-mingled funds, he says. Themarketing process lasted about four weeks.
A 124,706-sf building, 1401 K St. is fully occupied, housingamong other tenants the popular DC Coast restaurant. In place rentsare lower than current market ones, according to Cassidy &Pinkard Colliers.
At $432 per sf, this trade is roughly in line for East Endbuildings have sold for in recent months. It is clearly, however, acome down from the prices realized 18 months ago. "Investment saleshave clearly slowed down in the District," Tonya Ginter, directorof Research and Marketing for GVA Advantis, tells GlobeSt.com. Insome cases, prices are beginning to decline, but in areas such asthe East End and CBD they are holding steady, she reports, pointingto 1331 LSt.'s $462.79 per sf sales price as one example.
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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.
