X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-Carrying a final price tag of $250 million, New York City-based private real estate equity firm Somerset Partners LLC has picked up 1801 K St. NW Commanding nearly $445 per-sf, the 562,300-sf asset’s sale price was within close reach of the average sale price for leading office properties here as of the end of September.

“In the District, prices remain extremely competitive,” Advantis Real Estate Services notes in its most recent office report. “Through the third quarter of 2005, the average sales price for an office building was $414 per-sf, with class A buildings averaging $463 per-sf and class B buildings averaging $338 per sf.”

Occupying a corner lot, the office sits in the city’s central business district in the Street Corridor, which is ground zero for the district’s leading lobbyists. The Holle & Lin-designed building was developed in 1971 and features approximately 50,500 sf of ground-level retail space, as well as a three-level underground parking facility to accommodate more than 350 vehicles.

Additionally, 1801 K holds the distinction of being one of the few large office facilities in Washington, DC that is not predominantly occupied by government agencies. Somerset plans to submit the property–currently 85% occupied and marketed through Woodmark Real Estate Service in the high $30-per-sf range–to a comprehensive renovation that will cost what the company estimates will be about $50 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.