WASHINGTON, DC—1750 K St., NW, has traded for $115 million. Mirae Asset Global Investments acquired the 165,752-square-foot, 12-story office building from Sumitomo Corp. of Americas.
CBRE Capital Markets, which arranged the sale, announced it Wednesday. The news broke on Tuesday with a report in the Washington Business Journal.
Michael Blunt, Randall Heilig, and Andrew Felber of CBRE's Washington D.C. office advised the seller.
The building is currently 95% leased with Wiley Rein, LLP serving as the anchor tenant. Additional tenants include International Truck Association, ASKG Public Strategies and One-to-One Fitness. In 2010, the property underwent a $4.5 million renovation, including upgrades to the mechanical systems and improvements to the anchor tenant's space.
The building's "mass transit orientation," as Blunt calls it, is part of the building's appeal. It is located close to the Farragut West metro stop.
Office buildings located within one block of this highly-trafficked stop, "are experiencing a weighted average vacancy rate of 8.5%, underscoring the strong tenant demand for mass transit-oriented locations," he says in a prepared statement.
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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.
