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| 1301/1317 Connecticut Avenue in the heart of Washington, DC.’s Central Business District Sold for $32.5 Million |
WASHINGTON, DC, Oct. 29, 2020 – JLL Capital
Markets announced today that it has closed the $32.5 million sale of 1301/1317
Connecticut Avenue in the heart of Washington, D.C.’s Central Business
District.
An easy walk from
the residential neighborhoods of Dupont Circle and Adams Morgan, 1301/1317
Connecticut Avenue is steps from restaurants, retail and hotels, as well as the
Dupont Circle and Farragut North Metro stations.
JLL
represented the seller, Shorenstein Company, LLC., which following its
acquisition in 2011, transformed this boutique property by renovating the
lobby, common areas, elevators, restrooms and constructing “spec” suites and a
state-of-the-art fitness center.
Bill Prutting
Being
one of only three office buildings with a sought-after Connecticut Avenue
address, monument views and the ability to offer a full-floor or direct
elevator presence and identity to occupiers under 10,000 square feet, makes the
asset attractive to smaller family offices, think tanks, special-interest
groups and not-for-profit organizations.
“Investor
appetite for smaller - +/-$50 million - D.C. office assets remains relatively
strong given the ability to pair investors with active lenders, at what remain
historically attractive loan terms,” commented Bill Prutting, Senior
Managing Director for JLL Capital Markets who led the team representing the
seller.
“Interest is heightened for
point-of-difference assets with unique advantages - corner site, free-standing
design, recently renovated or repositioned.”
For more news, videos and research resources on JLL, please visit
our newsroom.
Contact:
Kristen
Murphy
JLL Senior Manager
Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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