WASHINGTON, DC-The office structure carrying the address of 1015 18th St. has been sold in a deal valued at $27.6 million. Harbor Group International, with the assistance of Advantis Real Estate Services, disposed of the 100,000-sf office building to a Donohoe/Corfac affiliate just 16 months after acquiring it in a $21-million joint venture arrangement. Today the property has a proposed 2004 assessed value of $21 million.

Situated in the Golden Triangle of the city’s central business district, the 11-story structure was developed three decades ago and features a three-level underground parking facility. “Washington, DC continues to be one of the strongest markets in the country for investment real estate,” HGI CIO Chuck Patty notes. “We acquired 1015 18th St. with the intent of re-leasing space at market rents and then exiting the investment. Due to the healthy conditions of the Washington, DC market, we were able to do this on an accelerated schedule and sell the property earlier than expected.” At the time of the sale, 1015 18th St. was 97% occupied.

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