Mayfield Gentry Nabs D.C. Office
- May 01, 2008
Mayfield Gentry Realty Advisors has agreed to purchase an 82,000-square-foot office building on K Street in Washington, D.C.The 11-story building currently is 89 percent leased and has 30 tenants. It generally caters to a clientele that includes non-profit organizations and trade associations. Current tenants include Atelier Artchitects, the National Sleep Foundation and R.E. Bushnell & Law Firm. The Class B office building is located at 1522 K Street NW, three blocks from the White House.Chauncey Mayfield, CEO of Mayfield Gentry Realty Advisors, commented that the building, the firm’s first in Washington, D.C., was attractive due to its location and the strong D.C. market. He also indicated in a release that the firm intends to make renovations to the building to increase its classification to Class A.The Washington, D.C., market is known for its stability. The vacancy rate has been below 12 percent for the past decade. New construction is minimal, limited mainly to renovation of existing structures, making purchases the most effective method of real estate acquisition in the market.Mayfield Gentry Realty Advisors is a Detroit-based real estate investment manager with over $900 million in assets across the United States, including the One Detroit Center, the tallest office building in Michigan. It recently acquired a 475,000-square-foot Class A office building on the campus of North Carolina State University in January of 2008.