D.C.’s Westory Building Changes Hands

By Adrian Maties, Associate Editor An open-ended fund managed by Deka Immobilien Investment GMBH of Germany recently sold the Westory Building to New York Life Insurance Co. for $159.4 million, or $590 per square foot. Carr Properties negotiated the transaction. Savills L.L.C. advised the open-ended property fund managed by Deka in the sale. The Westory was [...]

An open-ended fund managed by Deka Immobilien Investment GMBH of Germany recently sold the Westory Building to New York Life Insurance Co. for $159.4 million, or $590 per square foot. Carr Properties negotiated the transaction. Savills L.L.C. advised the open-ended property fund managed by Deka in the sale.

The Westory was developed in 1990 and renovated in 2002. It is an expansion of the original Westory Building, which opened in 1908. At that time, it was considered one of the most beautiful office buildings in the Eastern United States. The new structure completely enveloped the old building. Shalom Baranes Associates PC was the architect.

The high-rise building stands 11 stories and is located at 607 14th St., N.W., near the White House in the heart of D.C.’s East End neighborhood. It is D.C.’s first multi-tenant office building to receive LEED for Existing Buildings: Operations & Maintenance Gold recertification and has been submitted for inclusion in the National Register of Historic Places. The Westory totals 270,158 square feet and includes such amenities as a fitness center, roof terrace and parking.

Carr Properties will handle property management responsibilities going forward. According to the company, the Westory is 92 percent leased and includes such major tenants as Kilpatrick Stockton L.L.P.; Rothwell, Figg, Ernst & Manbeck, P.C.; Hill & Knowlton Inc.; and Public Strategies Inc.

The building’s location offers its tenants proximity to a number of federal agencies, associations, professional services, consultants and high-tech firms, as well as many points of interest and services including dining, retail and entertainment amenities. The Smithsonian museums, many national monuments, The Verizon Center, The Warner Theatre, Ford’s Theatre, National Theatre and The Spy Museum are all within walking distance.

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Image courtesy of http://planning.dc.gov.