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

The building is close to 90% occupied, with such tenants as TIAA, Citigroup, International Paper and the FBI. Located at 1101 Pennsylvania Ave., NW, it was brokered by Jones Lang LaSalle, which fielded offers from a range of institutional investors. The sales price, at slightly under $793 per square foot, is among the highest in the District–topped only by such notable and outlier transactions as Vornado Realty Trust’s sale last year of the 12-story, 250,000-square-foot office, 1999 K. Sold to Germany-based Deka Immobilian GmbH, that trade clocked in at $830 per square foot or $208 million. 

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