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WASHINGTON, DC-GMAC Institutional Advisors has acquired a majority interest in a 298,200-sf office building on behalf of its value-added investment fund. GMAC is now a co-owner of 1110 Vermont Ave. NW along with Perseus Realty LLC and Abbott Stillman, who originally developed the site a quarter-century ago.

Details on the percentage of GMAC’s ownership interest and the acquisition cost for that interest have not yet been made available. According to the District’s real estate records, the property has a current assessed value of nearly $60.5 million.

Just four blocks from the White House, 1110 Vermont is a 12-story structure that, in addition to its class B office space, includes 17,300 sf of ground-level retail space and a two-level underground parking facility. But the building’s status as a quality office property is about to be upgraded to the premier level, as plans for a major renovation are in the works. “Given the high quality of the building, its large contiguous blocks of space, exceptional location and tight market conditions, 1110 Vermont offers significant repositioning opportunities that will help meet the objectives of our value-added investors,” says GMAC senior vice president and fund portfolio manager Bill Martin.

While 1110 Vermont presently has an occupancy level of just 55%, the existing tenant roster is a solid one–the US General Services Administration leases space for use by government offices–and the owners expect that the planned repositioning of the property will soon attract new leases. Perseus Realty president Bob Cohen notes that “the property’s central location in a neighborhood that is undergoing positive changes will be attractive to private and public sector users.”

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