WASHINGTON, DC—The PNC Financial Services Group has sold its trophy office building located at 800 17th St. for $392 million, or $1,075 per square foot.

Broker HFF announced the deal but not the pricing. The Washington Business Journal first reported the eye-popping price, citing land records and noting that it was the first DC office asset to trade at more than $1,000 per square foot.

The buyer is a joint venture between Norges Bank Investment Management and TIAA-CREF. PNC Bank developed the building in 2010 to partially accommodate its regional headquarters, one of the few projects that broke ground in the aftermath of the recession. Because of its trophy status, it was 35% preleased as the work began.

The 12-story building has a roof top deck and sky garden, private 11th floor balcony, fitness center and two-level parking garage. PNC is the anchor lead tenant; other occupiers include Holland & Knight, Analysis Group and Haynes & Boone.

HFF's John Pelusi, Stephen Conley, Andrew Weir, Jim Meisel, Dek Potts, Matt Nicholson and Dave Baker led the deal.

The deal is telling about the local market -- to say nothing of exciting -- for several reasons. One, it proves that DC's gateway market creds remain intact. The market may be slow and leasing recovering at a moderate pace but investors are willing to pay for quality. Two, it points to ongoing interest in the DC market by Norges, which has been snapping up high-quality assets across the country.