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DivcoWest Lands DC Office Bldg. Across from New Fannie Mae HQ

San Francisco Investment Firm Pays +$100 Million for 12-Story Property Anchored by 1776 Campus, Strayer University
October 10, 2017
DivcoWest finalized a deal to acquire a 12-story office building located across from Fannie Mae's future headquarters along 15th St. in Washington, D.C.'s East End.

The San Francisco-based real estate investment firm paid a reported $100.5 million, or approximately $489 per square foot, to acquire 1133 15th St. NW, a 205,319-square-foot property home to startup incubator 1776 Campus, National Fish & Wildlife Foundation, SocialCode and Strayer University, among others. Colonial Parking also operates a parking garage beneath the property, which is currently 90% leased.

Completed in 1969, 1133 15th St. NW occupies a nearly half-acre site across from Midtown Center, Carr Properties' 862,000-square-foot, 14-story trophy project being constructed at 1100 15th St. NW on the former site of The Washington Post. Fannie Mae will move its national headquarters to roughly 698,000 square feet at Midtown Center, which is also set to feature 50,000 square feet of retail space and a European-style public plaza upon its completion in mid-2018.

Certified LEED Gold in 2011, DivcoWest plans to execute a value-add initiative at the 50-year-old 1133 15th St. property that will target upgrades to the building lobby and common areas. On-site amenities currently available to tenants include a conference facility, fitness center and deli.

Representatives with Eastdil Secured brokered the sale on behalf of Clark Enterprises. For more information on the transaction, please see CoStar Comp #4020473.
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