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WASHINGTON, DC-The Washington, DC area saw some $5 billion in commercial real estate sales close in 2010, according to new figures from Jones Lang LaSalle. This equates to more than double that of 2009 and $1 billion more than 2008. Indeed the year was a pivotal one for the area’s commercial real estate markets, which saw three trades breach the $800 per square foot sales price, out of a total of seven all together. These top three were 1225 Connecticut Ave., NW; 1899 Pennsylvania Ave., NW; and Evening Star Building.  In fact, 1225 Connecticut became the first building in DC ever to eclipse the $900 per square foot mark.

In short, by both transaction volume and pricing, 2010 greatly exceeded Jones Lang LaSalle’s expectations, Scott Homa, research director for JLL tells GlobeSt.com. “To have three of the highest-priced deals of all time occur this year, especially given the continued distress across most markets nationally, really highlights the durability and desirability of assets in Washington, DC,” he says. “The speed and magnitude of the economic recovery in Washington, DC has been astonishing.”

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