400,000-SF Trophy Property Pulls in $124M

WASHINGTON, DC-Big ticket office buying and selling activity continues in the District, perhaps the hottest office market in the nation, as is evidenced by the recent disposition of the class A building at 1615 L St. With the assistance of real estate services firm Cassidy & Pinkard, Halle Enterprises and Cambridge Property Group has sold the nearly 400,000-sf property to Beacon Capital Strategic Partners II Acquisition LLC for a whopping $124 million. The building last hit the market in early 2002 when it commanded $90 million.

Developed in 1984, the 13-story tower at 1615 L St. occupies a prestigious spot between 16th and 17th streets in DC’s central business district. In addition to its premiere office space, the building includes a 3,000-sf health club, an additional 3,500 sf of ground-level retail space, and a three-level underground parking facility.

Major building tenants include international communications firm Fleishman Hillard Inc., which occupies 65,500 sf, and global communication consultancy APCO Worldwide Inc. in a 51,500-sf space. Cassidy & Pinkard will continue to offer a helping hand by spearheading leasing and property management services at the building.