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WASHINGTON, DC-A new buyer has entered the DC market. Detroit-based MayfieldGentry Realty Advisors has acquired an 89%-occupied building in the CBD, 1522 K St., for an undisclosed price. The 81,094-sf, class B office building was built in 1964. MayfieldGentry Realty Advisors plans to bring it up to a class A quality by investing in upgrades to the building’s systems and by making cosmetic improvements.

According to a source, MayfieldGentry Realty is considering additional acquisitions in the DC market. “This is a great asset in a quality location and a highly desirable market,” says CEO Chauncey Mayfield, in a prepared statement. “We are happy to add this to our fund holdings and make it our first purchase in the DC market.”

Its class B quality, coupled with CBD locale, has attracted a mix of small to mid-sized tenants that want the K Street address. There are some 30 tenants, largely non profits and associations. Other companies occupying space in the building include Atelier Architects, the National Sleep Foundation and R.E. Bushnell & Law Firm.

This trade is another anecdotal data point that investment sales in the District are starting to move again–albeit certainly not at the same levels as the first half of last year. Another recent trade in the CBD was ING Clarion’s acquisition of 1111 19th St. NW for $115 million and of course, Vico Capital’s $172.5 million acquisition of 2099 Pennsylvania Ave.

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