madison officeWASHINGTON, DC–The Madison Office Building, a 98,000-square foot property at 1155 15th St., NW, connected to the famous hotel, has traded to a Saudi investor for $34.9 million, a source tells The seller is Atlanta-based Jamestown Properties, which acquired the office building in 2011 as part of its larger $123 million acquisition of the Madison Hotel.

More than a year later, Jamestown sold the hotel portion to Loews Hotels & Resorts,  after spending about $25 million on its renovation, a project on which First Finish, Design 5280 and Studios Architecture worked.*

Now, it is divesting itself of the office building for $370 per square feet and a 3.6% in place cap rate.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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