JBG SMITH Sells $43M Washington, DC Office Building
- Aug 12, 2019
JBG SMITH has sold The World Center Building, an 82,000-square-foot office property in Washington, D.C.’s central business district. The eight-story asset traded for $43 million. A team of brokers from Cushman & Wakefield represented the seller in the transaction.
The company acquired the property in 2011 for the price of $35 million, according to Yardi Matrix, when the REIT closed on a $101.5 million portfolio transaction, which included The World Center Building. Currently, the company is shedding some of its office portfolio, as Amazon’s HQ2 shapes up.
The World Center Building is located at 1600 N.W. K St. Constructed in 1953, the property received a full renovation in 2011 after changing hands. Leases range from 2,472 square feet of divisible space to 3,120 square feet of contiguous space. The office mid-rise tower features 12,333-square-foot floorplates and includes 13,667 square feet of retail space. World Center Building is LEED Gold certified.
At the time of sale, the building was 92 percent occupied. Tenants include National Academy of Public Administration, Studio 27 Architecture, National Veterans Legal Services Program, among others. The central location allows for quick access to the metro’s historic landmarks, restaurants, entertainment and businesses.