WASHINGTON, DC-Tishman Speyer has acquired 1110 Vermont Ave., NW in an off-market trade. The company declined to comment beyond its press release, however, word on the street is placing the transaction at roughly $130 million. A 12-story, 305,000-square-foot multi-tenant office building, 1110 Vermont is 83% occupied by tenants such as Young & Rubicam, Streamsage, Tompkins Builders, Lockton and Citibank.

The building was owned by an affiliate of Perseus Realty Capital. Last year, the company secured $103.5 million in refinancing for the property, replacing an acquisition rehab loan with a three-year, fixed-rate loan. It was one of a few buildings in the DC area that successfully secured refinancing in May 2009 for a loan of that size. The asset underwent a renovation in 2006.

The trade is another showcase item for the DC market, says Scott Homa, Mid-Atlantic Research Manager for Jones Lang LaSalle. “Deal velocity has more than doubled relative to this time last year, with sales volume far surpassing 2008 and 2009 levels,” he tells GlobeSt.com. “Prices have rebounded dramatically. We have seen three deals in Downtown DC in 2010 year-to-date exceed $800 per square foot, more than any other time in our market’s history.”