X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-Georgetown Landings, a 14-year-old, 60,500-sf office building, has been sold in a $14.2 million transaction. An unnamed Gates Foundation-funded non-profit organization located in the District acquired the building from Germany-based IC Real Estate Group through its affiliate Ekuro-Canada IC Properties. According to city records, 3333 K St. has a 2003 assessed value of nearly $10.3 million.

Real estate services provider Grubb & Ellis Co. marketed Georgetown Landings on behalf of the owner and lists the building as 51% occupied as of July 11, but it was only 30% occupied when the sale was negotiated. Space in the building leases for about $28 to $34 per-sf. The structure had been leased to capacity before its lead tenant decamped.

“Despite losing the primary tenant, we were able to adapt our marketing strategy mid-course and target potential owner-occupants,” Grubb & Ellis Investment Group senior vice president Steven Gichner says. “We have been very successful at creating marketing programs that adapt to the circumstances of a building to maximize value.” CB Richard Ellis stood in for the buyer in this transaction. The foundation will occupy an unspecified amount of space in the structure.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.