WASHINGTON, DC—Embassies. They may be tiny but they are definitely eye-catching and when they trade people pay attention. As Gil Neuman, managing director of Greysteel Co. says: “Embassy Row is known throughout the world as the District's premier address and it is exceptionally uncommon for investment properties to trade hands."
It is Greysteel that is providing the latest example, with its sale of a 9,000-square foot, five-floor residence that has been the home to the Embassy of the Republic of Georgia since 2007. The building is located at 2209 Massachusetts Ave., NW on Embassy Row and will be leased to the government of Georgia through 2016 with the provision that either tenant or landlord can give six months notice to vacate.
Ari Firoozabadi, Neuman, W. Kyle Tangney, John F. Mullen, Henry Schuldinger, and Caleb Brown served as advisor and agent to Delshah Capital in the sale of the property to RezRoss Investment Group, an LLC newly-registered in Delaware.
Delshah Capital put the property on the market in August of 2013 in anticipation of pulling out of the District entirely in order to focus on New York City.
At that time Tangney told GlobeSt.com that it was looking at selling the property on a net lease basis and price per square foot basis with an asking price of $4.6 million.
GlobeSt.com will update this story when we speak with Greysteel.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
