WASHINGTON, DC-A rare office trade in the high-end and highly supply-constrained Georgetown submarket has occurred: JBG Cos. is buying Jefferson Court at 1025 Thomas Jefferson St., for an undisclosed price, but word on the street puts the price at $80.5 million, or roughly $249 per square foot. JBG did not return a call to GlobeSt.com in time for publication to confirm this report.

The eight-story property, built in 1984, totals 317,000 square feet of leasable space. Its tenants are reflective of the off-beat nature of Georgetown’s office community—among the entities calling the building home are the Urban Land Institute, several law firms and nonprofit and private organizations. Building amenities include private balconies, a fitness center and a Metro shuttle.

JBG acquired the property via its Fund VIII from NSP Ventures. J Street and HFF represented the seller in the deal.

JBG sees Jefferson Court as a value-add play. “It represents the perfect opportunity for upside through significant investment in building upgrades while also providing the stability that comes with an in-place base of great tenants in a niche sub-market,” Matt Kelly, a JBG managing partner, said in a prepared statement. The company is planning improvements to the lobby and common areas, and may add first-floor retail space as well.

JBG’s investment suggests it foresees more activity in the Georgetown office tenant market, Jones Lang LaSalle research director Scott Homa tells GlobeSt.com. “Buying opportunities are very limited and for JBG to acquire a stake in that submarket speaks to a confidence in a tenant base that has been pretty dormant of late,” he says.