WASHINGTON, DC—A source tells GlobeSt.com that Carr Properties has found a buyer for a building it put on the market this summer – 1575 Eye St., NW.
The 210,372 square foot building is trading for $107 million or $509 per square foot.
Carr Properties, which just acquired the Apex Building in Bethesda, MD, did not return a request for comment from GlobeSt.com.
This summer Carr Properties retained DTZ to market the 94% leased building.
According to DTZ marketing materials, the building is anchored by two government agencies -- the Department of Veterans Affairs and the Federal Aviation Administration -- that lease 56% of the building. DTZ said that a below market lease with the VA allows for a projected 39% base rent increase upon 2020 expiration.
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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.
