Repositioned Office Building Sells Well in Downtown Washington
- Aug 21, 2015
West, Lane & Schlager Realty Advisors LLC has brokered the sale of 1412 Eye St., N.W., a 14,724-square-foot, loft-style office building in downtown Washington, D.C.
An affiliate of OTJ Architects and Martinez + Johnson Architecture sold the property to an affiliate of Dexis Consulting Group for $10 million, or $679 per square foot. The deal closed on Aug. 13, less than one year after marketing began.
The property’s former owners acquired the asset in an off-market transaction sourced by West, Lane & Schlager in 2008. The facility, which had sat vacant for a number of years, after various failed uses, went through a major renovation. Later in 2014, when the building was hosting more than 100 employees, its owners decided they had outgrown the asset.
“The credit goes to OTJ Architects and Martinez + Johnson,” Schlager said in prepared remarks. “They had the vision, creativity and guts to take on a project that others wouldn’t have touched. They understood the asset, how to put it back together, and what the end result could be – and had all the necessary skills and tools to pull this off. Their combined interior and base building experience was a perfect fit.”
In addition to the sale, West, Lane & Schlager and Locus Corp. structured a leaseback deal through the spring of 2016. The agreement gives Dexis time for its lease to expire and to perform minor work to the property, while OTJ Architects / Martinez + Johnson have time to locate and negotiate terms for new office space. West, Lane & Schlager is representing both of the sellers in their search for new offices downtown.
Photo credit: West, Lane & Schlager Realty Advisors LLC