WASHINGTON, DC-The ink is barely dry on the sales contract for the District’s latest office trade--2300 N St. has sold for $140 million, or roughly $500 per square foot. Wealth Capital Management sold the 279,264-square-foot building to Lincoln Property Co., which is acquiring it on behalf of an investor.
Jones Lang LaSalle’s Collins Ege, John Kevill, Jim Molloy and Sean McDermott represented the seller in the deal. Built in 1986, the eight-story building was designed by Skidmore, Owings and Merrill. It is fully leased to two law firms.
One of those firms, Pillsbury Winthrop Shaw Pittman, occupies about 80% of the building, Ege tells GlobeSt.com. And its lease is up in about three years. Despite the rollover risk--as well as the fact that it’s just beyond the edge of the CBD location--the building priced well in the sale, he says. “It was not quite core but too well located to be an opportunistic play. But investors felt it was a good property despite the possibly occupancy.”
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