WASHINGTON, DC—Weeks after Beacon Capital Partners put its 12-story, 700 13th St. NW office building on the market for sale, word on the street has it that the 258,692-square-foot building is under contract to trade for $215 million, or $882 per square foot. The buyer is said to be Fosterlane Management. Eastdil Secured is marketing the building, also called Metro Center I. The CBD office is currently 88% occupied by such tenants as Perkins Coie and Landon Butler & Co. There is also space for 13,000-square feet of street-retail.
The last time this building traded was in December 2011, when Beacon acquired it for $133.7 million.
Last year Fosterlane and Kuwait Investment Authority were behind the $294 million trade of 1200 19th St. NW, or roughly $871 per square foot-one of the highest prices per square foot for an investment sale in Downtown DC.
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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.
