WASHINGTON, DC—JOSS Realty has put 4201 Connecticut Ave., NW, on the market with an eye to selling the 70,971-square foot building for around $27 million to $30 million. To market the building, JOSS has tapped Transwestern's Gerry Trainor, Jim Cardellicchio, Joe Friedman, Julian Etches, Mark Glagola, Wesley Machowsky and Clifton McCrory.
The building, which is 94% occupied, is an opportunity to acquire a core asset for below replacement cost, Trainor tells GlobeSt.com. It is also an opportunity to grab a building on this block, home to the University of the District of Columbia, American University and Fannie Mae. "The last time a building here went on the market it was this one in 2007," he says. It sold to JOSS for approximately $20 million.
JOSS recently completed a $3 million renovation, including upgrades to the lobby, main entrance, elevators, restrooms and parking garage; new HVAC units; and a new roof.
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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.
