WASHINGTON, DC-The John Buck Co. recently acquired 1620 L St. in the CBD. A source tells GlobeSt.com that is traded for $61 million, or $390.35 per sf. A joint-venture between TIAA-CREF and Blackstone sold the building to the Chicago-based company, which is acquiring it through a discretionary real estate fund, the JBC Opportunity Fund III LP.

Built in 1989, 1620 L Street is a 12-story, 164,079-sf, class B office that is 97% occupied. John Buck plans to reposition the building to class A status through a capital improvement program that includes upgrades and repairs to the garage, façade, lobby and elevators. Existing tenants include the U.S. Bureau of Land Management, MetLife, Cresa Partners, the National Assoc. of Independent Schools and Liberty Mutual.

Cassidy & Pinkard Colliers recently won the account to provide leasing and property management services for the building; Bill Grillo and Laurie McMahon will oversee the property management and Mark Sullivan, Darian LeBlanc, and Phillip Thomas will handle marketing and leasing. HFF’s Stephen Conley, Andrew Weir and Daniel McIntyre represented the seller; the company also secured acquisition financing for the deal from New York City-based Hypo Real Estate Capital Corp. HFF did not return a call to GlobeSt.com in time for deadline.

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