Transwestern to Market West End Office Building
- Mar 02, 2015
The nine-story mixed-use office building at 1250 23rd St., N.W., in Washington, D.C.’s West End submarket is looking for new owners. Transwestern was recently retained to market the property, which is currently fully leased to a mix of tenants, with an average lease term of more than 10 years.
1250 23rd St. was constructed in 1990 and renovated in 2010. It offers 128,571 square feet of space, two levels of parking, a fitness center, as well as 97 residential condos on the upper levels. The property features large floor plates, of 35,875 square feet, able to accommodate both single-tenant and multi-tenant configurations.
Cambridge Property Group LLC and Westport Capital Partners purchased the property in December 2010 for $36.7 million. At that time, it was only 60 percent leased. The owners did not disclose how much they want for the building.
Several office properties in the Washington, D.C., metro area have already changed hands this year. Just last week, Oxford Properties Group, the real estate arm of OMERS, a pension plan for municipal employees in the Canadian Province of Ontario, announced it had purchased a stake in the 335,000-square-foot Class A office building located at 1001 G St., N.W. According to The Washington Business Journal, the company paid about $102.9 million for 9.7 percent of the $210 million property.
Two other large office properties, both located in Reston, have changed owners this year. American Real Estate Partners paid $35 million for the 15-story Reston International Center, while Columbia Property Trust Inc. purchased the 244,565-square-foot building at 1881 Campus Commons Drive.
Photo credit: Transwestern