WASHINGTON, DC-J Street Development has sold a floor on itsoffice condo building in the NoMa submarket at 111 K St., NE.Student Affairs Administrators in Higher Education has purchasedthe 10th floor, which is approximately 9,400 square feet. Thepurchase price has not yet been recorded. A second buyer, also anassociation, is poised to take another floor as well, J StreetDevelopment president Bruce Baschuk tells GlobeSt.com. "Hopefullywe will able to announce that this week."

Baschuk declined to discuss pricing other than to say valuationsappear to have settled at roughly 20% lower than when the buildingfirst delivered. A year-and-a-half ago J Street had three buyersready to go forward, buyers that allowed J Street to secureconstruction financing. Two dropped out and for the last yearactivity and interest in the building has been very quiet. Baschuksays that has changed in the last 60 days, with the company nowgiving a couple of tours a week.

Bill Meyer of the Meyer Group represented NASPA, the studentsaffairs association, in the deal. Bruce Pascal, Mark Klug and DougMueller of CBRE repped for J Street.