Greysteel Brokers Sale of Boutique Office Building in DC
- May 30, 2018
NBA Investment Corp. has sold its headquarters in Washington D.C.’s Mount Vernon Triangle neighborhood to an entity managed by Potomac Development Group. According to public records, the boutique office building traded for $2.1 million in a deal brokered by Greysteel. The asset sold within two months at a price of more than $400 per square foot, with a non-refundable deposit.
The property is located at 1225 11th St. NW, a five-minute walk from Mt. Vernon Square/7th Street-Convention Center metro station and a 13-minute walk from Downtown. The National Bar Association has occupied the asset since 1982. In order to bring it up-to-date, the new owner will have to invest in remodeling the red brick building.
Greysteel’s team included Senior Investment Associate Benjamin Wilson and Investment Associate Lauren McCormack, of the company’s Washington, D.C. Commercial and Mixed-Use team. In January, Greysteel arranged the sale of another D.C. asset, located on the northern outskirts of the city. The mixed-use property sits along one of the D.C.’s longest retail corridors.
Image via Google Street View