Clarion Partners, a New York-based property investment firm, acquired the eight-story Portrait Building in Washington, DC, from Wereldhave for $98.5 million, or about $733 per square foot.
The Class A office building
delivered in 2003 at 701 Eighth St. NW in the East End office submarket. It is one-half block from the Metro and the Verizon Center. The Portrait Building totals 134,448 square feet and is near full capacity at 90 percent occupied.
This is Clarion Partners' second major office acquisition in the District in recent months. Late last year, the firm advised an institutional investor on the $730 million purchase of Constitution Center
, one of the largest privately owned trophy office buildings in the market.
Please see CoStar COMPS #2687957 for more information on this transaction.