The 35-year-old property underwent a sweeping upgrade 10 yearsago and is currently 95% occupied. The 16th St. site is expected toopen this December and will mark Preferred Office's fifth locationin the District.
Specific terms of the new tenant's lease agreement have not beendisclosed. Grubb & Ellis Co., which represented the propertyowner in the transaction, markets office space at $42 to $44 persf. Carr Real Estate represented Preferred Office in the deal.
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