News

1750 K St. fetches $47M

The Bernstein Cos. has bought 1750 K St. NW from The St. Joe Co. for $47.3 million.

That price works out to just under $300 per square foot of rentable space.

There are 152,470 square feet of office space and 8,500 square feet of retail space in the Class B building.

D.C. law firm Wiley, Rein & Fielding is the lead tenant, occupying the fifth through 10th floors of the 12-story structure. The building is 89 percent leased.

Washington-based Bernstein bought the building through Consortium Capital fund, a series of funds that have more than $300 million in capital and are on the prowl, primarily for office deals in the mid-Atlantic region. The first and second funds are closed, and the third has subscribed $110 million in commitments.

St. Joe, based in Jacksonville, Fla., had held the property in its investment portfolio since 2002 when the company bought it from GIBG for $37.6 million. St. Joe plans to reinvest the money made on the property, which is $7.5 million pretax.


Source: Washington Business Journal
Author: Tim Mazzucca