X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.