The law firm developed the building for its own use in 1985 at a cost of approximately $40 million, and then sold it in 1987 in another sale/leaseback arrangement. And in 2000, the firm repurchased the property for about $73 million. Today 1330 Connecticut carries an assessed value of $81.6 million.
The 10-story tower at 1330 Connecticut sits on a coveted and high-traffic corner near the intersection of 19th and N streets in the city's central business district. The building is not just all class A office space; it also features 12,500 sf of ground level retail space, a 7,500-sf storage area and a three-level underground parking garage.
Steptoe & Johnson and the Record Industry Association of America, with its 28,000 sf of space, account for 92% of the fully occupied building. Their leases are scheduled to expire in 2013 and 2006, respectively. There are eight other tenants in the building, including International Technology & Trade Associates Inc.
Connecticut Avenue is proving to be a hot spot for investors; the 220,000-sf office property at 1130 Connecticut Ave. recently sold for $66 million, and ownership of a 177,000-sf structure at 1101 Connecticut Ave. changed hands last summer. Officials from Steptoe & Johnson were unavailable for comment on their decision to sell the property for the second time. Boston Properties was unavailable for comment by deadline, as well.
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