Cassidy Turley Spearheads Sale of 177,500-SF Trophy D.C. Property
- Nov 29, 2010
November 29, 2010
By Allison Landa, News Editor
A prominent office building in the heart of Washington, DC has changed hands. The 177,525-square-foot 1501 M Street was sold by the John Buck Co.’s JBC Opportunity Fund III with the asssistance of Cassidy Turley.
Cassidy Turley employees Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy represented John Buck. The property was acquired by unnamed institutional investors advised by J.P. Morgan Asset Management.
The building was also sold in 2006, when it was touted as a rare opportunity to reposition a trophy asset in a competitive market. Given the continued strength of the DC market despite economic turbulence, this may well be true today.
1501 M Street is 93 percent leased, with most occupancy in pace through at least 2017. The building was awarded LEED certification by the U.S. Green Building Council in 2009.