D.C. Office Building Commands $229M
- Mar 17, 2016
Washington—Carr Properties has acquired 1615 L St., NW., a 418,527-square-foot office building in Washington, D.C.’s Central Business District, from Spitzer Enterprises for $229 million.
Cushman & Wakefield represented the seller in the transaction.
“It’s really an attractive building for millennials,” Eric Berkman, an executive director in Cushman & Wakefield’s D.C. office, told Commercial Property Executive. “There’s a whole push for this North of L Street, and all these millennials are walking from their neighborhoods to this building, and it’s full of all kind of activities, and once you get inside, there’s all kind of open areas and funky spaces that appeals to the younger employees.”
1615 L St. includes a dramatic central lobby, excellent access to light and air from tenant spaces with long vistas across L Street and the low-rise buildings on 16th Street to the east. Amenities include full-service on-site concierge, 24-hour manned security, restaurant, tenant-only fitness center and a 263-stall underground parking garage with two entrances. There’s also collaborative open area work spaces.
The building is located on the north side of L Street, just four blocks from the White House and within close proximity to a variety of restaurants, shopping, hotels and entertainment destinations. It is nearby both the Farragut North and Farragut West Metro stations, accessible by the Red, Orange, Silver and Blue train lines.
“It’s close to where everyone is living now,” Berkman said. “When we did the interviews with the tenants, we found a large percentage of employees are walking or biking to work.”
Spitzer renovated the property in 2004 and Carr Properties is planning additional enhancements.
“They are going to do some cool things in the common areas and add some more collaborative spaces,” Berkman said.
The property boasts a tenant roster of Pew Research Center, FleishmanHillard, Ketchum, and Porter Novelli.
Joining Berkman on the sale were the Cushman & Wakefield team of Executive Director Michael Katcher, Vice Chairmen Bill Collins and Paul Collins, Executive Managing Director Drew Flood, Associate John Skolnik and the late Steven Gichner.