Seaton Benkowski & Partners Sells Carroll Square Leasehold for $121M

Holliday Fenoglio Fowler (HFF) announced this week that it had closed the leasehold sale of Carroll Square in DC on behalf of the seller, Seaton Benkowski & Partners, for $121.4 million. GLL Partners purchased the 178,000 square foot office property and assumed an existing loan. Akridge oversees leasing and management of Carroll Square, where the tenant roster includes law firms Seyfarth Shaw, Holland & Hart, and Fitzpatrick, Cella, Harper & Scinto.

Jones Lang LaSalle research director Scott Homa told GlobeSt,com that at $121.4 million, the building's trade shows that prices are not softening here even though sales volume has fallen year-over-year. "Pricing for core, class A buildings averaged $645 per square foot during the first half of 2012, and cap rates remained well under 6% for long-term stabilized assets. Overall, with the federal election looming and little progress being made in establishing a clear fiscal policy, we expect investors to adopt a ‘wait-and-see' posture heading into November."

Carroll Square is a 10-story building at 975 F St., NW and was recognized as the "Best Urban Office Building" of the year by the Maryland/DC Chapter of the National Association of Industrial and Office Properties (NAIOP) upon its completion. Designed by SmithGroup and developed by Akridge in 2007, the trophy-class property incorporates four renovated late 19th century commercial townhouses and the facades of two others, as well as a defining architectural cupola and a distinguished new structure accented with brick and stone.

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