Clarion Partners disposed of a DC area property this week that marks the latest foreign investor movement in DC's commercial real estate market as Epic LLC, the U.S. affiliate of a London-based firm headed by Tom and Steven Elghanayan, cousins of Rockrose CEO Henry Elghanayan, purchased 919 18th Street for $52.75 million, or about $498 per square foot, free and clear of existing debt. HFF represented Clarion Partners in this transaction and procured the buyer. Epic paid about $13 million more for the building than Clarion did back in 2005, according to a Washington Business Journal article.
"The property's superb location and stellar occupancy history of approximately 95 percent over the last 10 years led to extremely competitive bidding," said Dek Potts of HFF.
919 18th Street is a 10-story, 105,965 square foot office building in the heart of the Central Business District, directly across from the Farragut West Metro. The building was awarded an Energy Star label in 2010 for its operating efficiency, and was most recently renovated in 2013. Originally built in 1981, the property was 94% leased at the time of sale to 20 tenants, including Devon & Blakely.
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