WASHINGTON, DC-A West End office building on K St., has traded for $28.8 million. JOSS Realty Partners sold the eight-story, 88,074-square foot property to an unidentified buyer. Transwestern Institutional Commercial Group brokered this sale—as well as JOSS’s original purchase five years ago. In that transaction, Douglas Development Corp. sold the renovated property to JOSS after having purchased it for $5.2 million in 1998. JOSS paid $21 million for the property in 2005. 

The building was originally constructed in 1981 and underwent extensive renovations in 2009. George Washington University Hospital, Cardiology Associates, Atlantic Services Group, The George Washington University’s National Health Policy Forum, and Gambro Healthcare.

The building is currently 90% leased. There is also additional FAR available that allows for three additional floors to create an 11-story building totaling 120,474 square feet. Indeed, this was a common strategy for K St. buildings a few years ago when demand for space was surging.  2175 K St. added three floors and 34,594 square feet to the previous eight-story building for a total of 174,454 square feet and 11 floors. 2121 K St. added three floors to become one of the tallest buildings in the west end of the CBD. Also, 1909 K St., went to 12 from eight stories and 2020 K St added three stories in recent years.

The building trade also represents a rare bit of activity for the West End, where few office properties come to market in any given year.  The submarket has the second lowest direct vacancy rate in the city, clocking in at 6%.