WASHINGTON, DC—Cambridge Property Group has placed a West End office building it acquired in 2010 on the market. Located at 1250 23rd St., NW, the 128,571-square-foot building is fully leased and being marketed by a team at Transwestern Institutional Commercial Group headed by Gerry Trainor.
Cambridge acquired the building for $36 million as a value-add play due to its 40% vacancy. Now it is a good asset for a core buyer, Trainor tells GlobeSt.com. He expects it will be purchased by institutional capital, possibly a foreign investor, trading at a five-and-a-half to five-and-three-quarters cap rate.
The West End is a relatively quiet part of town, with assets coming to market only on occasion. "I don't expect to see more deals coming to market" in the near future, Trainor says.
The property was built in 1989 and renovated in 2011.
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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.
