The other is 1730 Massachusetts Ave., NW--a three-story, 10,119-square-foot building. Shister and Woods represented the seller, Institute for Electrical and Electronic Engineers; Incorporated Ritte Co.--a Puerto Rican entity, purchased the building for approximately $5.5 million.
Shister tells GlobeSt.com that IEEE outgrew the space and moved out. The buyer plans to establish a business and foundation here, she says. This particular building moved rather quickly having gone on the market in September, Shister adds.
The sales, albeit small, are notable because activity is rare in the tight and very small Dupont Circle/Uptown submarket. It has an inventory of only 6.6 million square feet, and 72 buildings according to GVA Advantis statistics. Few buildings are developed here; one of the more recent was begun last year at 1616 Rhode Island Ave.
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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.
