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WASHINGTON, DC-McMorgan & Co. has acquired the office property at 1901 L St. NW for $51.5 million from the John Buck Co. managed JBC Fund II. The property last hit the market in 2003 when JBC acquired it from the developer, RREEF Funds, for $38.2 million.

JBC was represented by Holliday Fenoglio Fowler LP, while McMorgan was self represented. According to District real estate records, the 131,700-sf class B+ property has a current assessed value of nearly $38.4 million.

Developed in 1977, 1901 L St. is located on a corner lot in the city’s central business district. In addition to the office space, the eight-story structure also features 19,500 sf of retail space, part of which is currently leased by a two-story Staples, and a three-level underground parking facility.

The property had been fully occupied until June when longtime tenant Ogilvy Public Relations Worldwide relocated to office space in a building around the corner, leaving 35% of 1901 L St. empty. “The property was on the market for three weeks and the list of potential investors ran the gamut,” HFF director James H. Craft tells GlobeSt.com. “DC has ‘most-favored-nation’ status, so to speak, and people are out there buying. And this transaction represents a high water mark; for a 65% occupied, B+ building to command $395 per-sf–that’s pretty sizeable.”

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