X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-A recent trade in the District illustrates that the city’s well-located assets are still holding value with pricing. TIAA-CREF acquired the 227,000-square-foot Evening Star Building from KamAm partnership for close to $180 million. 

The building is close to 90% occupied, with such tenants as TIAA, Citigroup, International Paper and the FBI. Located at 1101 Pennsylvania Ave., NW, it was brokered by Jones Lang LaSalle, which fielded offers from a range of institutional investors. The sales price, at slightly under $793 per square foot, is among the highest in the District–topped only by such notable and outlier transactions as Vornado Realty Trust’s sale last year of the 12-story, 250,000-square-foot office, 1999 K. Sold to Germany-based Deka Immobilian GmbH, that trade clocked in at $830 per square foot or $208 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
  • 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?

 

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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.