WASHINGTON, DC-Grubb & Ellis closed two deals here totalling $35.55 million. The company brokered the sale for Iconn Associates and Midcity Development of 1001 Connecticut Ave. NW for $23 million and One Farragut Square for $12.55 million, says Philip E. Meany Jr., president of Grubb & Ellis of Washington, DC.

The new owners of both buildings, Shelton Zuckerman and Charlie Gravely of Zuckerman Gravely Development Inc. plan significant renovations to both properties. Zuckerman Gravely is a full service real estate company that has developed more than 2 million sf of office and 500,000 sf of retail space.

Grubb & Ellis received 25 bids on the property, says Eric D. Berkman of Grubb & Ellis.”These are two of the most prominent corners in Downtown Washington–they both overlook the White House,” he says. “The buyers spotted a great opportunity to take advantage of a strong leasing market. The average rents in both buildings are significantly below market.”

Both properties are on prominent corner locations: 1001 Connecticut is situated at K Street, and Connecticut Avenue, NW; and One Farragut Square is on Connecticut Avenue at Eye Street, NW. Unobstructed, unparalleled views of the Mall, the White House and the Potomac River can be had from either property. Completed in 1953, 1001 Connecticut is a 12 story, 128,804 SF building with an Indiana limestone facing, gently curved corners and operable ribbon windows. It was one of the first officebuildings in the area to have a Metro stop on its lower level; Farragut North Metro Station is directly below the property. One Farragut Square, or 1634 Eye Street, NW, is also a 12-story building with curved corners and ribbon windows. Built in 1962, this 65,735-SF building is 100% occupied.

“The buildings at Farragut Square represent a unique opportunity to own office properties at a ground zero location in an extremely dynamic market,” Berkman says. “That, coupled with the fact that good things happen to you at good locations, made us move forward with the deal.”

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