Boston-Based Investor Purchases Office Building in DC’s Golden Triangle
Marcus Partners purchased a boutique office building at 1225 19th Street NW in the Golden Triangle area of D.C. from global real estate investment manager Invesco Real Estate, according to the seller’s brokerage firm.
The Boston-based real estate investment and development firm bought the 73,168-square-foot Jefferson Building for $26.4 million, Bisnow first reported.
The eight-story property is 87 percent leased to 12 tenants, including SNI/SI Networks, International Center for Alcohol Policies, Relman, Dane & Colfax, as well as The Palm restaurant, according to a press release from Holliday Fenoglio Fowler (HFF).
“The Jefferson Building presents an outstanding opportunity for new tenants to lease distinctive, high-quality space in the center of Washington D.C.,” said Andrew Dolinsky, Marcus Partners’ D.C. regional director, in a prepared statement. “The column free floor plates and superb location offer tenants an ideal combination of flexibility and convenience.”
HFF’s Jim Meisel, Andrew Weir, Stephen Conley, Matt Nicholson and Dave Baker represented Invesco in the deal and the firm’s Dan McIntyre and Jay Graham arranged an acquisition loan for Marcus Partners. The brokers did not return Commercial Observer’s request for comment.
Marcus Partners plans to renovate the lobby, common areas and building systems, according to a release.