Office condos are a relative rarity in the DC market, although acase for them revived around the same time the economy went south.Over time, it is estimated an office condo saves money, especiallywhen taking DC's still escalating rental rates into account.Non-profits--a ubiquitous type of tenant in the DC market--areparticularly interested in the savings. For instance, the SierraClub recently acquired a condo at 111 K St., reportedly for thesereasons. The asking price for space at 111 K St. ranges between$550 per square foot to $650 per square foot, according to anearlier interview with J Street president BruceBaschuk.

Despite the business case, though, there is not a wide supply ofoffice condos in the DC area, for various reasons. In some cases,buildings that started out as office condos were sold when aninterested single buyer came along. That happened last month with75,457-square-foot, 10-story 2021 L St.--which was sold to the AmericanSociety of Hematology by 2021 L Street Investors, a privateownership group led by Mark Rivers of Potomac DevelopmentPartners.

111 K Street is an 11-story, approximately 90,000-square-footbuilding located just north of Capitol Hill-–another plus fornon-profits that want to be close to Congress. It is an all-glassGensler-designed structure with several green elements, including arooftop terrace--that also contributes to the building's stormwater management system--an energy-efficient building system andlocally-sourced and recycled building materials.