Norfolk-based Harbor Group International announced this week that it had acquired 820 First Street, NE in Washington, DC for $107 million from Baltimore-based Greenebaum & Rose Associates. Harbor Group International's investment partners in the property include affiliates of Capstone Equities and Image Capital. Cassidy Turley served as the seller's broker for the transaction.
"Washington D.C. has always been one of the strongest markets for investment real estate," said Jordan Slone, Chairman & CEO of Harbor Group International. “The abundance of government jobs in the area keeps the economy stimulated. Unemployment and office vacancy rates outperform most other metropolitan areas in the United States.”
Designed by Koubek Architects, the building was constructed in 1990 and is located across from Union Station, Washington, D.C.'s largest transportation hub, in the Capitol Hill North submarket. The 11-story, 298,533 square foot Class A office building houses the Washington DC Bureau of CNN, and is 99% leased with other tenants including Accenture and various entities of the United States Government.
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