WASHINGTON, DC-A class A office building in the District’s central business district has traded for $48 million. Clemente Development Co., sold the 1020 19th St. building, which is located a half block north of K Street, to Zuckerman Gravely Development. A privately held real estate company, Zuckerman Gravely owns more than a dozen office buildings in Downtown DC, including the two adjacent office buildings.

“The sale helped them complete an assembly of office space on that block that it wanted,” Holliday Fenoglio Fowler senior managing director Jim Meisel tells GlobeSt.com. 1020 19th, 1900 L St., and 1920 L St., he says, gives Zuckerman Gravely a very large future development site.

Meisel, along with senior managing director Dek Potts, were the sole brokers involved in the transaction.

1020 19th St. is a 108,000-sf property that is currently 87.9% occupied.

“Zuckerman Gravely plans to make minor upgrades to this newest building in their portfolio and embark on an aggressive leasing campaign to bring existing below market rental rates to market rates,” Potts says in a statement.

Average rental rates in the CBD for class A and class B space, respectively, are on average $45.84 and $39.36 per sf, according to GVA Advantis Q1 figures.

Recent sales in DC’s CBD include 801 19th St., NW, a 236,054-sf building that traded for $131.5 million, or $557 per sf, and 1401 Eye St., which traded for approximately $148 million, as reported by GlobeSt.com.

Another example is Minshall Stewart Properties, which purchased 2175 K St., an eight-story, class B office property for $41 million or $401 per sf, as reported by GlobeSt.com.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.