WASHINTON, DC-Affiliates of Harbor Group International have acquired 820 First St., NE for $107 million. The 11-story, 298,533-square-foot building is 99% occupied, anchored by CNN's headquarters. Other tenants include Accenture and government agencies. Baltimore-based Greenebaum & Rose Assoc. was the seller, represented by Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley.

There were several reasons Harbor Group decided to buy this building, staring with its Union Station location, T. Richard Litton, Jr., president of Harbor Group International, tells GlobeSt.com. "We like the submarket and its proximity to the train station. It bodes well in terms of being able to attract office users."

But Harbor Group is known for its price-conscious buys in the DC market--in 2009, to name just one example, it swooped in and grabbed 1211 Connecticut Ave. for $35.2 million—and this current acquisition is no exception. The deal's structure was a key attraction, Litton says. "The DC market has become very expensive over the last couple of years and it can be difficult to buy. So we target opportunities that allow us to buy at a better price point."

In this case, he notes, the seller had an existing loan that had to be assumed. "It was a low leverage loan relative to the purchase price, so it required significant equity contribution," he says. "Also, the interest rate is higher than current market interest rates." All of which added up to a lower price point, Litton says. "We were willing to put in equity and assume the existing debt. That way we got a price that made sense."