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WASHINGTON, DC-In probably the highest price per-square-foot, 2099Pennsylvania Avenue LP has sold an office building of the same address toanother partnership for $83.3 million, or $417 a square foot. Localdeveloper, Kaempfer Co., is a part of the selling partnership, whichincluded Real Estate Capital Partners, and the joint-venture that is makingthe acquisition, which includes US Office Holdings LP, a closed-end realestate fund managed by Blue Capital Investments.

The 12-story, 200,000-sf building is 100% leased. Tenants include thelaw firm of Holland & Knight, which leases two-thirds of the space, PerseusLLC, The Summit Charitable Foundation, and the headquarters of Danaher Corp.

Within the metropolitan Washington real estate market, the Districtcontinues to be a price-tag leader for office acquisitions. Last month twoof the markets headier deals were announced or completed. Louis Dreyfus andApollo Real Estate sold the William P. Rogers building–a 231,767-sf spaceat 2001 K STREET NW–for $95 million, or $409.89 a square foot, to NewYork developer Bernard Spitzer. At the same time, the Federal Reserveannounced plans to acquire 1709 New York Ave. NW, a 173,390-sf space, for$67 million or $386 a square foot, from New Jersey-based Mack-Cali RealtyCorp. Real estate players are also waiting for the other shoe to drop forKaempfer, a developer known to be a price tag leader.

Recently published reports claim that the Investment Building, a projectjust completed by Kaempfer Co. will be sold for $157.6 million, or $425 persf. That would top this latest deal, and the company’s deal to sell theDistrict’s historic Warner Theatre and the adjacent office building lastyear for $400 per sf, or over $200 million last year.

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