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WASHINGTON, DC-A European client of Binswanger International has acquired the 65,300-sf office building at 1411 K St. NW for $15.8 million. The 14-story structure was developed in 1959, and has since undergone several renovations, the last one having taken place in 2004.

Dek Potts and Jim Meisel of Advantis Real Estate Services Co.’s Advantis/GVA advised seller 1411 K Street Holdings–a partnership involving New York-based Meritage Properties and Gaithersburg, MD’s Buchanan Partners. The property secured $242 per-sf for the office. The partnership had acquired the site just two years for $10 million. Binswanger was self represented.

With an address in the city’s central business district, 1411 K is just a few blocks from the White House. It was 1411 K Street Holdings’ plan from the start to elevate the property’s standing in the DC market. “Having completed the renovation program and successfully repositioned 1411 K Street in the market, and cognizant of the unique strength of the property sales market in Washington, DC, Meritage entered into a contract of sale to sell,” Meritage officials note on the company’s website. Today the property is 84% occupied, and according to Potts, the new Binswanger-affiliated owner intends to continue upgrading the property to appeal to businesses seeking small spaces along the lobbyist-laden K Street corridor.

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