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WASHINGTON, DC-In a $51-million deal, the nearly 216,000-sf Foundry Building has been sold to Hartford, CT-based Cornerstone Real Estate Advisers. The quarter-century-old Georgetown-area structure had been in the portfolio of Hart Advisers, which held the property on behalf of pension fund client TMT Foundry. Trammell Crow Company handled the listing and marketed the seven-level building at $53 million.

The property’s 2003 assessed value is a little more than $32.1 million, with the red brick and glass edifice commanding a value just $1.7 million more than the parcel of land itself. For Cornerstone, which centers its acquisition strategy “on research-driven fundamentals and hands-on market knowledge,” the purchase is a feather in its cap.

Located along the historic C&O Canal, the Foundry Building previously featured retail space on its mezzanine level where area favorites Music City Roadhouse once occupied a 9,400-sf space, and the Cineplex Odeon Foundry offered $3 per-film movies on mini-screens. The lower-level lobby area is currently being renovated and changes are scheduled for completion by year’s end. As for the theater’s former home, Trammell Crow senior property manager for The Foundry tells GlobeSt.com that the options are limitless. “We have not committed that space as office space,” he explains. “We think the need in Georgetown for office space is great, but we’re marketing that area to anybody and everybody who’s interested. It could be for office, retail, another theater, a health club–anything.

Foundry’s current tenant roster includes the Washington office of Trammell Crow, and Milwaukee, WI-headquartered law firm Foley & Lardner, which took on nearly 64,000 sf earlier this year. Despite its grievous dearth of available parking, Georgetown is still a high-rent area. Foundry office space commands an estimated $30 to $35 per-sf, but the building does have some tenants with long-term leases that were negotiated a few years back under slightly lower rates. Law firm Cohen Mohr, LLP leases its 8,700-sf space for about $28 per-sf and RTC Relationship Marketing has a 41,700-sf space for just under $30 per-sf.

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