John Buck Sells DC Office Building for $65.2M

The John Buck Company has sold an office building on L Street in Washington, DC to LaSalle Investment Management for $65.2 million, or $397 per square foot, according to a GlobeSt.com report; Eastdil Secured brokered the transaction. John Buck originally acquired the property in 2008 for $61 million from a joint venture of TIAA-CREF and Equity Office. The building was 77% leased at the time of sale wit major tenants including Greenstein Delorme Luchs, Corner Alliance and the Personal Care Products Council.

"The Washington, D.C., office market continues to attract institutional capital given the stabilizing effects of the U.S. government," said HFF's Stephen Conley of the building after it traded hands in 2008. "The property’s location in the heart of the nation’s capital places the new owner in an ideal position to capture upside value over the next five to seven years."

The 12-story property at 1620 L Street was designed by Smith, Segreti, Tepper, McMahon and Harned and originally developed in 1989. The building is also the 24th tallest building in Washington, tied in rank with seven other structures in the area.

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