CBRE Arranges $115 Million Sale of 1750 K Street NW in Washington, D.C.
| June 11, 2015
CBRE Capital Markets has arranged the sale of 1750 K Street, NW, a 165,752-square-foot, 12-story office building in Washington, D.C. The property was acquired from Sumitomo Corporation of Americas by Mirae Asset Global Investments for $115 million.
Michael Blunt, Randall Heilig, and Andrew Felber of CBRE’s Washington D.C. office advised the seller.
“The asset represents an ideal investment for domestic and international capital sources seeking urban office assets with long-term cash flow and a mass transit orientation,” said Mr. Blunt, Senior Vice President, Institutional Properties, CBRE. “Office buildings located within one block of the Farragut West Metro station are experiencing a weighted average vacancy rate of 8.5 percent, underscoring the strong tenant demand for mass transit-oriented locations.”
The building is currently 95 percent leased with Wiley Rein, LLP serving as the anchor tenant. Additional tenants include International Truck Association, ASKG Public Strategies and One-to-One Fitness. In 2010, the property underwent an extensive $4.5 million renovation that included significant upgrades to the mechanical systems and improvements to the anchor tenant’s space. The building also has access to an onsite fitness center and parking garage.
Situated in the heart of the Golden Triangle, the property is in walking proximity to major transit stations including the Farragut West and Farragut North Metro stations, Connecticut Avenue and Farragut Square, and innumerable restaurants, hotels, services and amenities.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.