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WASHINGTON, DC-AEW Capital Management has acquired the office building at 1726 M St. NW for $26.6 million from 1726 Associates. The 88,300-sf structure developed in 1964 sold for approximately $300 per sf.

Transwestern Commercial Services’ Investment Services Group and Cambridge Property Group represented the seller. An 11-story structure, 1726 M St. sits equidistant from George Washington University and Dupont Circle right in the middle of the central business district.

While the property is over 40 years old, it has kept up with the times through major renovations in 1982 and 1998. “During a five-year holding period, we were able to add value through physical upgrades to the building and stabilized leasing from the top floor to the parking garage,” Cambridge vice chair and president T. Michael Scott. Cambridge will maintain a connection to the property, staying on board to handle leasing and management responsibilities.

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