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1875 K St. Sells for $113M
By Kristin Olson - CPN Online
March 22, 2005 - A private investor represented by Shorenstein Co. bought the 187,624-square-foot 1875 K St. NW in Washington D.C.'s Central Business District for $113 million as part of a 1031 exchange.
Cassidy & Pinkard arranged the sale of the fully leased office building on prestigious K Street on behalf of Nineteenth & K Ventures LLC.
"The ownership built this [building] in a fund, which only has a life of seven years, and since the building is fully leased, it was a good time to sell," said a spokesperson for Cassidy & Pinkard.
Eight tenants, including the law firm of Wilkie, Farr & Gallagher, are leasing 1875 K Street, which was built in 2002. Cassidy & Pinkard attributes the building's top value to its great location in one of the country's leading real estate markets, its design and its tenants.
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