Tishman Speyer Sells DC Office Building for $137.4M

Carr Properties, in a joint venture with the Canada Pension Plan Investment Board and MetLife Real Estate Investments, has purchased the Floyd Akers Building from Tishman Speyer for $137.4 million according to a CoStar report. Tishman originally acquired the building at 1255 23rd Street, NW for $107.88 million from Blackstone/CarrAmerica in 2006 as part of a larger portfolio.

The Floyd Akers Building was developed in 1983 by The Oliver Carr Company and is a 341,443-square-foot, Class A office property in the West End submarket of Washington, DC. At the time of sale the building was nearly 95% leased with major tenants including Mercer LLC, the Chronicle of Philanthropy and The Chronicle of Higher Education. CoStar reports that the asking rent per year is roughly $40 per square foot.

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