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WASHINGTON, DC-Recently established real estate concern Meritage Properties has joined with developer Buchanan Partners in the acquisition of the nearly 60,000-sf office structure at 475 School St. from a Cambridge Asset Management affiliate. Meritage properties spokesperson tells GlobeSt.com that the transaction was valued at $14.5 million. Beginning next year, Buchanan will take on management duties at the property.

Advantis/GVA Realty stood in for Meritage in the deal, while Cambridge Property Group represented the seller.

Situated in the District’s Capitol Hill/Southwest submarket, 475 School St. was developed in 1967 and underwent a major renovation just seven years ago. It is occupied in its entirety by Northrop Grumman under a lease that is not scheduled to expire until mid-2010. “475 School St. represents a well-located, pristine asset with a strong long-term tenancy in one of our core markets,” Meritage’s Andrew Nathan says. “With no major renovation required, it presents the perfect balance to our repositioning activities at [our first acquisition] 1411 K St.” District records list the five-story building’s 2004 assessed value at $11 million. The seller acquired the property in 1999 for just over $10 million.

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