WASHINGTON, DC—JOSS Realty has put 4201Connecticut Ave., NW, on the market with an eye to sellingthe 70,971-square foot building for around $27million to $30 million. To market thebuilding, JOSS has tapped Transwestern's Gerry Trainor, JimCardellicchio, Joe Friedman, Julian Etches, Mark Glagola, WesleyMachowsky and Clifton McCrory.
The building, which is 94% occupied, is an opportunity toacquire a core asset for below replacement cost, Trainor tellsGlobeSt.com. It is also an opportunity to grab a building on thisblock, home to the University of the District of Columbia, AmericanUniversity and Fannie Mae. "The last time a building here went onthe market it was this one in 2007," he says. It sold to JOSS forapproximately $20 million.
JOSS recently completed a $3 million renovation, includingupgrades to the lobby, main entrance, elevators, restrooms andparking garage; new HVAC units; and a new roof.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
