By Pharoeth Em - CoStar Group

- September 26, 2001 - The Shorenstein Co. of San Francisco bought its way into the Washington, DC market in a big way, buying The Washington Harbour East and West Buildings, which front the Potomac River in Georgetown. Shorenstein paid $154.25 million or $287.67 per square foot for the trophy buildings at 3000 and 3050 K St. NW on 5 acres in Washington, DC.

"Our core investment strategy calls for capital deployment in Class-A buildings within the top echelon of properties in a given market and Washington Harbor is clearly the dominant location within the Georgetown market," said Douglas Shorenstein, CEO and chairman of Shorenstein.

Designed by Arthur Cotton Moore and built in 1986, the two buildings total 536,206 square feet of space. The Washington Harbour East Building (3000 K) is 6 stories high, with 333,668 square feet of space, including 59,516 square feet of retail, and a 2,146-square-foot fitness center. The Washington Harbour West Building (3050 K) is also 6 stories, with 202,538 square feet of space, including 13,648 square feet of retail.

The two buildings also contain 35 residential condominiums, which did not convey in this sale because they are individually owned.

Tenants in the building are leading international law and professional firms such as Collier, Shannon, Scott LLC; Foley & Lardner; Swidler, Berlin, Shereff & Friedman LLP; and Orrick, Herrington & Sutcliffe LLP.

Washington Harbour offers an array of on-site amenities, including concierge service, a shuttle to Metro, and first class restaurants Sequoia, Tony & Joe's, Sole and Riverside Grille. It is a multi-tenant/mixed use office facility, giving way to some of the most prominent tenants in the Washington DC area.

Eastdil Realty Co. represented former owner Crescent Real Estate Equities Ltd., the Dallas-based REIT. Crescent purchased the buildings in 1998 for $300.26 per square foot or $161 million.