WASHINGTON, DC-The Willet Cos., a Rye, NY-based real estate investor, has entered the DC market with its purchase of the Walker Building, a 78,878-sf historic building within walking distance of the White House. Willet acquired the building for $31.57 million from local developer Zuckerman Gravely Development.

Located at 734 15th St., the 12-story building was built in 1936 and is 94% leased to law firms, including Covington and Burling, associations and political organizations. It is one of a handful of historic structures on that street, some of which–such as neighboring 733 15th St.–are currently being renovated and repositioned.

Indeed that is Willet’s plans to add value to the building, CEO Frank Kenny tells GlobeSt.com. “We will refurbish all of the common areas.” He declined to give a projected dollar cost for the renovations. According to Kenny, the firm is planning additional acquisitions in the DC market.

HFF represented the seller.

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