WASHINGTON, DC—New Boston Fund has tapped CBRE to market office space still available in 111 K St., NE. The target constituency will be small to medium-sized non-profits. Asking rates, CBRE's Mark Klug tells GlobeSt.com, are between $47 to $51 per square foot. More specifically, they are $47 to $49 per square foot net of electric for the 4th through 8th floor suites and $51 per square foot net of electric for the 11th floor suites.
In 2012, New Boston Fund acquired a 67,000-square foot stake in the building from J Street Properties. J Street had delivered the 11-story, approximate 90,000-square foot building in the NoMA submarket with the plan of selling office condos and while it did sell a few floors as office condos, the majority of the building was still vacant when the stake traded to New Boston.
CBRE's Klug along with Katie Gorretta, Max Friedman, and Abby Todd are representing New Boston Fund.
We have reached out to New Boston Fund with additional questions. We will update the story when they respond.
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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.
