Stroock Arranges $166.2M Sale of Office Building in D.C.’s West End
WASHINGTON, D.C. — Stroock has arranged the sale of 1255 23rd St. N.W., a 341,0000-square-foot office building in Washington, D.C. An affiliate of DivcoWest acquired the property for $166.2 million, according to the Washington Business Journal. Jeff Keitelman, Steven Moskowitz, Joseph Miller, Kelly Booker and Logan Wyman of Stroock arranged the transaction on behalf of the seller, D.C.-based Carr Properties. The office building is located in the city’s West End district and is home to tenants including the Humane Society of the United States. Carr originally acquired the building in a joint venture in 2011 and invested in renovations including a new tenant amenity space, outdoor plaza and other common area improvements. During its ownership, Carr signed more than 269,000 square feet of leases at the property.
Stroock also represented Carr Properties in the acquisition of 350 Morse St. N.E., a soon-to-be-developed office and retail building in D.C.’s Union Market area. Other terms of the deal were not disclosed. The building will be part of the Market Terminal project, a mixed-use development that will feature a community gathering space, terraced public gardens, parks, a water feature and a retail-anchored pedestrian plaza linking Market Terminal with the Union Market neighborhood. The Washington Business Journal reports the 1.25 million-square-foot development is valued at $135 million. Keitelman, Gail Suchman, Miller and Booker brokered the transaction.