WASHINGTON, DC-Three recent transactions in the Washington, DC market suggest that pricing remains steady, despite the slight dip it took in August.

The most recent of these transactions involves the Homer Builder, one of DC’s trophy structures. A source tells GlobeSt.com that the building has gone under contract for an eye-popping $315 million. The 421,901-square foot, 96%-occupied building was only recently put on the market.

In some ways, the Homer building, located at 601 13th St., NW, is more of an anomaly than reflective of DC pricing trends. However, given that it is “probably one of the nicest buildings in the entire city,” as the source says, the price point is understandable. The majority owner Clarion Partners, did not return a call to GlobeSt.com seeking confirmation, nor did the broker on record, Eastdil Secured.

Other transactions more typical of pricing here point to a continued strong market, despite the rising vacancy rates. Vornado Realty Trust is buying a 97.5% interest in a 130,000-square-foot East End building, 1399 New York Ave., for about $104 million. Earlier this week, New York-based Rockrose Development Corp. signed a contract to purchase 1776 Eye St., NW. Rockrose did not disclose the contract price, but the reported asking price was $140 million.

“Pricing is relatively stable, despite the slight drop in August, although that happened more in the suburbs than Downtown,” Gerry Trainor, executive managing director of Transwestern’s Institutional Commercial Group, tells GlobeSt.com. Trainor represented 1776 Eye St.’s owner, Ralph Dweck, in the contract, and adds that “the District still has significant appeal to institutional investors.”

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.