WASHINGTON, DC-An office building in the heart to the District’sCBD has traded for $82.4 million. TF Cornerstone has acquired 2121K St., NW from ING Clarion Partners, free and clear of debt. HFF’sJim Meisel, Dek Potts and Andrew Weir represented the seller.

The building was among a handful of K Street offices to addfloors to its structure during the halcyon days of the mid 2000s.Those renovations were completed in 2007, delivering to the marketa 11-story, 190,458-square-foot property with ground-level retailand a 132-space underground parking garage.

The building went to market with only 50% occupancy, however -which would have been an issue in 2009, Potts tells GlobeSt.com."When we went out to market we weren’t sure how it would react tothe vacancies. But this was one of the first assets marketed in2010 where the investors were willing to underwrite and give valueto the vacancies." As it turned out, he says, bidders came to theconclusion that the building will lease up within the next 12 to 24months at attractive rates. In large part that is dueto the K Street address, he says, which still holds tremendousvalue in the market. Indeed, the response was significant, with theproperty receiving just under 20 qualified bids.