WASHINGTON, DC-A CBD building, located at 1233 20th St., NW, has traded to JBG Cos. The eight-story, 154,584-square-foot, fully-leased building changed hands at around $65 million, a source tells GlobeSt.com. The sellers were a JV between Clarion Partners and Core Plus Properties. Transwestern’s Gerry Trainor led the sales team.
This was a smart buy for JBG for several reasons, Trainor tells GlobeSt.com: “JBG owns the building next door, which makes it an accretive buy because they can combine the lot lines to enhance the potential density.” That density play, albeit one likely destined for the long-term, adds a value element to what otherwise is a core transaction. JBG, Trainor notes, “is a buy-and-hold investor but also a value creator.”
Indeed, the company is heavily invested in developing DC’s Maryland suburbs. Most recently it received approval from the Montgomery County Planning Board to proceed with its second mixed-use project in White Flint.
The Lion Building is two blocks from the Dupont Circle Metro station and three blocks from the Farragut West Metro station. The building stands out in that offers a larger-than-average number of corner offices because of its saw-tooth floor plate configuration. Tenants include Interface Media Group, Bonner Kiernan Trebach, the Embassy of Vietnam and the College Board.
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