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WASHINGTON, DC-In an $84-million transaction, CarrAmerica Realty Corp. snapped up the Commercial National Bank Building from an offshore entity operating under the name of New York Avenue Properties LLP. The seller relied on Chesterton, a London-based investment advisor, as its representative on the transaction.

The 206,000-sf property holds nostalgic value for CarrAmerica; the company’s predecessor, the Oliver Carr Co., redeveloped the historic property in 1989 before relinquishing ownership. But CarrAmerica has always remained connected to the property, handling management activities ever since the redevelopment project.

Depending on how one looks at it, the Commercial National Bank Building sits at 700 14th St., or 1420 New York Ave. When the property underwent redevelopment 15 years ago, the original structure, built in 1917, was connected to a new structure with the address of 1420 New York Ave. As for its history, the original Waddy B. Wood-designed limestone building was developed for Commercial National Bank, which served as the main occupant until the financial institution fell prey to the Great Depression and went out of business in 1937. The property made it on the list of the National Register of Historic Places in 1991.

“The Commercial National Bank Building gives us a high-quality asset with long-term value,” says John Donovan, CarrAmerica senior managing director for metropolitan Washington, DC. “The property is 100% occupied, with the premier law firm of Skadden Arps Slate Meagher & Flom LLP as its major tenant, and has very little leasing exposure in the near future.”

Spaulding & Slye Colliers had been handling leasing at the building, where space–if there were space available–was being marketed in the mid-$40s range, Spaulding & Slye principal Trip Howell tells GlobeSt.com. CarrAmerica will take over leasing responsibilities now.

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