DC Office Property Changes Hands in $33M Deal
By Keith Loria October 30, 2020 10:18 am
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Shorenstein Company has sold 1301/1317 Connecticut Avenue, a three-story, 66,000-square-foot office and retail building in Washington, D.C.’s Central Business District for $32.5 million.
JLL (JLL) represented the seller in the deal. The buyer was not disclosed.
“Investor appetite for smaller— +/-$50 million—D.C. office assets remains relatively strong given the ability to pair investors with active lenders at what remains historically attractive loan terms,” Bill Prutting, senior managing director for JLL Capital Markets, said in a statement. “Interest is heightened for point-of-difference assets with unique advantages: corner site, free-standing design, recently renovated, or repositioned.”
Located at the corner of the three-way intersection of Connecticut Avenue, N Street and 18th Street, the boutique office building was constructed in 1917 and boasts unobstructed views and a high ratio of windowed offices.
The property is close to Dupont Circle and Adams Morgan, just steps away from numerous restaurants, stores and hotels. It’s also walking distance to both the Dupont Circle and Farragut North Metro stations.
Shorenstein Company acquired the building in 2011, and renovated the lobby, elevators, and common areas; and constructed “spec” suites and a state-of-the-art fitness center.
According to Prutting, demand for the building was strong because it’s one of only three office buildings with a Connecticut Avenue address, plus it offers a full-floor or direct-elevator presence and identity to occupiers under 10,000 square feet.
