WASHINGTON, DC-Lowe Enterprises Investment Management has acquired a 12-story building at 1101 Connecticut Ave. NW on behalf of an unidentified pension fund client.The all-cash price was about $26 million, or $150 per sf for the 175,000-sf building.

Located at the corner of Connecticut Avenue and L Street, the site lies in the heart of the commercial business district on top of a Metro station. Several retail tenants, including a food court, occupy the ground floor to serve the busy pedestrian traffic.

“The quality of the location provides a lot of downside protection,” says Jim Darcey, senior acquisition officer for Lowe’s DC office. “The presence of food court represents the value-add opportunity over the long term. We have long-term upgrade strategies in mind but nothing definite,” Darcey says. The deal underlines how Washington remains attractive to real estate investors.

“The long-term fundamentals are as strong as ever. The investment environment is affected by the overall allocation of pension funds, which has slowed down some of the ferocious bidding wars. There’s still plenty of capital interest in DC,” Darcey says.

Built in 1978 and last renovated in 1993, the building has rents that average in the high $20 per sf range in a market where rents are averaging $40 per sf or better.

The building is currently 97% leased to corporations, professional service firms, associations and lobbyists.

The seller was Endowment Realty Investors Inc., an affiliate of LaSalle Partners, which was represented by Holliday Fenoglio Fowler LP.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.