One recently completed transaction, though, has been the exception for this quarter, she noted. Located at 777 6th St. NW, an 11-story 191,000-sf building sold for $123 million or $644 per sf. "I haven't seen prices at that level since before the credit crunch," Ginter tells GlobeSt.com. The seller and developer was Trammell Crow Co.; the buyer is the American Association for Justice. Trammell Crow did not return calls for comment. The building did have the advantage of being partially preleased, according to Ginter. Cooley Godward Kronish LLP signed on to occupy 54,000 sf about a year ago when the building was still under development. The new owner will be occupying a good portion of the space in its new acquisition as well. Ginter says asking rates for class A space in the East End is about $48 per sf.
This building's sale is the exception, though. In general average price per sf have remained constant in Q4--a byproduct of sellers refusing to believe the current upheaval is anything but temporary, Ginter says. Class A buildings are ranging from $475 per sf to $480 per sf, she says, while class B buildings are trading around $401 per sf in the city.
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