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WASHINGTON, DC-The 310,600-sf Victor Building has found a new owner, courtesy of a $157.5-million transaction. The Smithsonian Institution signed off on the sale of the nine-story office facility at 750 9th St. NW to Trizec Properties. As per the terms of the transaction, the Smithsonian will lease back office space from Trizec.

The Victor Building and the parcel it occupies near the intersection of 9th and G streets NW have a total current assessed value of $93.4 million. The building also includes a 10,000-sf ground-level retail segment.

A freestanding structure just two blocks from the MCI Center, the Victor Building was originally developed in 1909. In 1999 the Smithsonian invested $114 million on the acquisition and redevelopment of the historic property at the hands of real estate firm Akridge, which erected a completely new offering, save for the original structure’s historic facade.

Neither the Smithsonian nor Trizec were available for comment by press time.

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