Carr Properties Makes Big Office Purchase On K Street
Carr Properties, in the middle of a Fannie Mae-fueled growth spurt, has made another pricey play in the Downtown DC office market.
Carr purchased 1875 K St NW, along with its primary investor, Israeli AlonyHetz, for $150M from California's Shorenstein Properties, the Washington Business Journal reports. The purchase comes out to just under $800/SF for the 98%-occupied building, including tenants Stroock, Stroock & Lavan and Shipman & Goodwin.
After signing Fannie Mae to the biggest private office lease in DC history to Midtown Center, Carr appears to be in the pole position to sign Marriott to its Apex Building development in Bethesda. Now, it's continuing to buy up some of DC's premier office buildings and streamline its portfolio after shedding some properties in the Virginia burbs. [WBJ]
