John Buck Co. Acquires 164,079-SF CBD Office

Built in 1989, 1620 L Street is a 12-story, 164,079-sf, class B office that is 97% occupied. John Buck plans to reposition the building to class A status through a capital improvement program that includes upgrades and repairs to the garage, façade, lobby and elevators. Existing tenants include the U.S. Bureau of Land Management, MetLife, Cresa Partners, the National Assoc. of Independent Schools and Liberty Mutual.

Cassidy & Pinkard Colliers recently won the account to provide leasing and property management services for the building; Bill Grillo and Laurie McMahon will oversee the property management and Mark Sullivan, Darian LeBlanc, and Phillip Thomas will handle marketing and leasing. HFF's Stephen Conley, Andrew Weir and Daniel McIntyre represented the seller; the company also secured acquisition financing for the deal from New York City-based Hypo Real Estate Capital Corp. HFF did not return a call to GlobeSt.com in time for deadline.

DC is feeling the pinch from the credit crunch, Tonya Ginter, director of research and marketing for GVA Advantis, tells GlobeSt.com. She points to newly released figures by GVA Advantis that show total office sales volume in Q3 registering $427.9 million, a sharp drop from Q2's $1.5 billion sales volume in the District. Nonetheless, the CBD and neighboring East End submarkets are still doing well, she says. "Investors, if they are going to buy in the District they will want a DC address and buildings in the CBD and East End retain their value even during an economic slowdown."

Earlier this month, for instance, the 75,457-sf, 10-story 2021 L St. was sold for $50.9 million to the American Society of Hematology by 2021 L Street Investors, a private ownership group led by Mark Rivers of Potomac Development Partners. In September 1401 K St. was acquired by Guardian Realty Investors from AEW Capital Management LP., for $53.8 million.