Cassidy Turley arranged the sale of The Farragut Building in Washington, D.C. representing the seller, ING Clarion Partners, in the $93.5 million deal. The 146,648-square-foot, Class A office property sold to the Generali Group, a global insurance and financial products company. Falcon Real Estate Investment Co. LP assisted Generali in the sale. The Farragut Building is named for its location directly across 17th Street NW from Farragut Square and is currently 99% leased with science nonprofit The Heinz Center as its largest tenant, and other tenants including Consumer Specialty Products Association, McLarty Associates and Bessemer Trust.
"Pricing for office buildings is stabilizing, as cap rates gravitate toward historical levels," commented Jeff Kottmeier, Vice President, Director of Research at Cassidy Turley in a Citybizlist article. "Since the beginning of the year, $1.8 billion in office sales have taken place in the DC Metro area-40 percent ahead of this time last year."
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