WASHINGTON, DC-A recent trade in the District illustrates thatthe city’s well-located assets are still holding value withpricing. TIAA-CREF acquired the 227,000-square-foot Evening StarBuilding from KamAm partnership for close to $180million.

The building is close to 90% occupied, with such tenants asTIAA, Citigroup, International Paper and the FBI. Located at 1101Pennsylvania Ave., NW, it was brokered by Jones Lang LaSalle, whichfielded offers from a range of institutional investors. The salesprice, at slightly under $793 per square foot, is among the highestin the District--topped only by such notable and outliertransactions as Vornado Realty Trust’s sale last year of the12-story, 250,000-square-foot office, 1999 K. Sold to Germany-basedDeka Immobilian GmbH, that trade clocked in at $830 per square footor $208 million.

Evening Star’s sales price is definitely a leading indicatorthat the best office product in DC is still eagerly sought by thelargest investment funds, JLL’s John Kevill tells GlobeSt.com. Hesays that when JLL priced the asset and then determined who thepotential bidders would be, they didn’t compare it to other UScities. "We compared it to London, Tokyo and Paris--gateway citiesaround the world that are truly supply constrained."