The new owners of both buildings, Shelton Zuckerman and CharlieGravely of Zuckerman Gravely Development Inc. plan significantrenovations to both properties. Zuckerman Gravely is a full servicereal estate company that has developed more than 2 million sf ofoffice 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 prominentcorners in Downtown Washington--they both overlook the WhiteHouse," he says. "The buyers spotted a great opportunity to takeadvantage of a strong leasing market. The average rents in bothbuildings are significantly below market."

Both properties are on prominent corner locations: 1001Connecticut 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 andthe Potomac River can be had from either property. Completed in1953, 1001 Connecticut is a 12 story, 128,804 SF building with anIndiana limestone facing, gently curved corners and operable ribbonwindows. It was one of the first officebuildings in the area tohave a Metro stop on its lower level; Farragut North Metro Stationis directly below the property. One Farragut Square, or 1634 EyeStreet, NW, is also a 12-story building with curved corners andribbon windows. Built in 1962, this 65,735-SF building is 100%occupied.