WASHINGTON, DC—The sale earlier this year of the Starbucks-anchored retail building at 1501 Connecticut Ave. NW, for $1,672 per square foot, or $16.2 million, understandably made an impression on the local real estate community.
Now, the building located across the street, 1512-1528 Connecticut Ave., has gone on the market and while there isn't an asking price for the property, the buyer and its broker, PNC Bank and JLL respectively, are using the Starbucks trade as a guide.
Originally built in 1923, the 23,524-square-foot Dupont Circle building is fully leased to AT&T, Shophouse, Sweetgreen, PNC Bank and The Burger Joint. It has more than 7,000 square feet of retail space and 16,000 square feet of boutique office space, with 8.9 years of average remaining terms.
The office space is unique for the District, Prutting says, with its bricks-and-beams interiors. It is the perfect space for a tech company, which not so coincidentally, is one of the current tenants.
Interest in the property ranges from high net worth individuals to institutional capital to foreign buyers, Prutting says.
"This is a transaction that will be under $30 million so it is a small bite for investors that want to get into the DC market." The property's income stream is just over $1 million a year, Prutting says.
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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.
