WASHINGTON, DC—A 32,000-square foot downtown office, located at 1509 16th St NW, has traded for $14.5 million. The buyer is a partnership between MRP Realty and Uber Offices, a shared working space provider, according to the broker that led the team that sold the property, Doug Damron, senior managing director of Newmark Grubb Knight Frank. Damron represented the seller, Family Matters of Greater Washington.
Family Matters is relocating to a smaller venue, Damron tells GlobeSt.com.
The new owners plan to offer shared office space at the building, a budding trend among startups and a favored office environment among millennials.
It was a perfect fit for MRP and Uber Offices, he adds, as there are few buildings of this size that are suitably located for shared office space.
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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.
