WASHINGTON, DC—If there is any office property in DC ready to be sold it would 2001 L St., NW, the 167,000 square foot building owned by Minshall Stewart Properties and Heitman. The owners have secured some rather nice-sized tenants recently. And of course, the building, located in the heart of Golden Triangle, has undergone a significant renovation.
A source has told GlobeSt.com that the owners have found a buyer of the property and that the sale is pending. GlobeSt.com was unable to confirm the details independently of the source. A request for comment to Minshall Stewart Properties placed after hours was not returned in time for publication.
The two companies purchased the building in 2012, paying about $62 million. The following year the owners embarked on a renovation of the 10-story property, relocating its lobby, creating new office and retail space on the first three floors and installing a three story glass storefront and curtain wall.
This April the Urban Land Institute signed a 15-year lease to occupy 33,481 square feet that includes the entire 2nd and 3rd floor of the 10-story building.
The purchase price of the property is unclear as is the buyer. The JV put the building on the market earlier this year. One estimate tossed about was that the office would fetch about $105 million or $629 per square foot. The building is now 85% leased, according to CBRE's Kevin Howard, who represented the owner in the lease. During the past six months, the CBRE team has executed 89,000 square feet of leases on behalf of the building owner, the broker said.
“Minshall Stewart executed a dramatic transformation of the asset which has fueled market interest from tenants at a very fast pace," Howard said in a prepared statement.
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