Repositioned Office Building Sells Well in Downtown Washington

West, Lane & Schlager Realty Advisors LLC has brokered the sale of a 14,724-square-foot, loft-style office building in downtown Washington, D.C.
1412 Eye St., NW in Washington

1412 Eye St., NW in Washington

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.

Gary Schlager, SIOR, principal, and Clark Turner, assistant vice president, both of West, Lane & Schlager, represented the seller, while Peter Calafiura of Locus Corp. represented the buyer.

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