ING Clarion Partners Acquires Office Building in the Central Business District of Washington, D.C. for $115 Million
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ING Clarion Partners LLC, a leading real estate investment firm, has acquired 1111 19th Street NW, a class-B office building in the central business district of Washington, D.C., for $115 million, it was announced today.
NEW YORK, (April 1) – ING Clarion Partners LLC, a leading real estate investment firm, has acquired 1111 19th Street NW, a class-B office building in the central business district of Washington, D.C., for $115 million, it was announced today.
The 12-story, 263,000 square foot building is located between L and M Streets, with convenient access to the city’s Metro public transportation system. It is currently 96 percent occupied by tenants that include the General Services Administration, the American Forestry and Paper Association, and Ogilvy Public Relations. Cassidy & Pinkard is the leasing agent for the building, which will be managed by Grubb & Ellis.
“This building represents a solid investment in a market with a diverse, resilient economy, relatively low unemployment, and good long term prospects for job growth,” said Marc C. DeLuca, Director at ING Clarion. “We are pleased to have the opportunity to acquire the property on behalf of our clients.”
ING Clarion notes that new office construction in the District is expected to peak in 2009, while the overall vacancy rate for office space should remain in the five percent range. Rent growth for the area is expected to average 3.9 percent annually through 2012, fueled by expansion in a number of sectors including professional and business services, health services, and education. The firm believes that the market will also continue to benefit from the presence of the federal government.