The building--also called Longfellow Plaza--is 99% occupied, delivering a "very attractive cap rate," T. Richard Litton Jr., president of Harbor Group International, tells GlobeSt.com. "The building has historically retained a very high occupancy rate and I think that will continue." Tenants include International Resources Group and Washington Sports Club as well as architects, lawyers, embassies, policy analysis and research organizations, consultants and non-profits.

In general, Harbor Group is very bullish on the DC market. However this is the first office building the company has owned here since it sold off its last asset here in 2003. Its only other holding in the area is a multifamily property in Germantown, MD. "We've worked on a lot of opportunities in the DC market in 2005, 2006 and 2007--but we weren't willing to pay the kind of prices or cap rates," Litton says. Pricing in the current environment, by contrast, "is a great opportunity for buyers now." The company expects to continue closing on similar opportunities throughout 2009 and 2010, he adds.

Located south of Dupont Circle in the city's Golden Triangle submarket, the 42-year-old building also includes three levels of underground parking. It has undergone extensive renovations totaling over $1.1 million during the past three years.