WASHINGTON, DC-The leasehold on an East End building,Carroll Square, has traded for $121.4million. The 178,000-square-foot, class A building,located at 975 F St., NW, is being acquired byGLL Partners from Seaton Benkowski &Partners. GLL Partners is assuming an existing loan on the10-story property. HFF’s Stephen Conley, Jim Meisel, DekPotts and Andrew Weir represented theseller in the transaction.
Carroll Square is comprised of both new construction and sevenlate-19th century commercial townhomes. It houses a small publicart gallery, three rooftop terraces and a small park between theoffice building and St. Patrick’s Catholic Church. The property isencumbered by a ground lease with the Archdiocese ofWashington, D.C. through 2102. It is fully leased totenants including the law firms of Seyfarth Shaw, Holland& Hart, and Fitzpatrick, Cella, Harper &Scinto and retail tenants Le Pain Quotidien, LeicaCamera and Coco Sala.
At $121.4 million, the building’s trade shows that prices arenot softening here even though sales volume has fallenyear-over-year, Jones Lang LaSalle researchdirector Scott Homa tells GlobeSt,com. “Pricingfor core, class A buildings averaged $645 per square foot duringthe first half of 2012, and cap rates remained well under 6% forlong-term stabilized assets.”
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