Downtown D.C. Office Building Sells for $109M
- Apr 06, 2015
The hot Washington, D.C., office market continues to attract more investors. The most recent building to change hands was 2025 M St., N.W., in the city’s Golden Triangle area. Mikeone EK purchased the asset for $109 million.
The downtown D.C. office building was constructed in 1969. Standing eight stories, the 195,624-square-foot building features 173,229 square feet of office space, 16,886 square feet of retail, 5,509 square feet of storage, a 4,500-square-foot rooftop terrace and 242 parking spaces on three below-grade levels. The property was fully leased at the time of the sale, with a tenant roster including Kaplan, Radio Free Asia and Smith Bucklin.
Mikeone EK purchased 2025 M St. from a partnership between The Oliver Carr Co. and Clark Enterprises Inc. According to PropertyShark, the former owner paid $37.9 million to buy the property in 2001; the office building’s current market value is a little over $82 million.
Adam Vaisman of Butters Construction & Development advised the buyer in the transaction. The seller was represented by an HFF investment sales team includeing senior managing directors James Meisel, Dek Potts and Andrew Weir; executive managing director Stephen Conley; associate director Matthew Nicholson; and senior real estate analyst Jessica Diorio.
Photo credit: CBRE