D.C. office sells for record price: $948 per square foot

It may be just another glass box of a building to passersby but it has set an all-time record for the highest price ever paid for a Washington office building.

Completed five years ago, 801 17th Street NW is a few blocks from the White House, earned the highest level of LEED environmental rating and is leased to the law firm Fried Frank, financial companies and other services firms. In February a majority stake in the building sold for $947.62 per square foot.


(Courtesy Property Group Partners)

According to research from real estate firm JLL, that’s an all-time record for Washington office buildings, although the record for a retail property is much higher. A Dupont Circle building with a Starbucks in the bottom set the retail record earlier this year when it sold for $16.2 million, or $1,672 per square foot.

As it did a few years ago, when the Market Square complex on Pennsylvania Avenue sold for $905 per foot, speculation has begun about when a Washington sale will top $1,000 per square foot.


(Courtesy JLL)

Bill Prutting, a broker at JLL, said there are probably eight or 10 buildings in Washington that would top the $1,000 per foot mark but none of them are for sale.

Follow Jonathan O’Connell on Twitter: @oconnellpostbiz

 

Jonathan O'Connell has covered land use and development in the Washington area for more than five years.
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