German Investor Pays $41M For Downtown D.C. Office Building
Foreign capital is continuing to drive D.C.'s investment sales market with the latest office building trade near Thomas Circle.
German investment firm Deka Immobilien acquired 1100 Vermont Ave. NW, a 68K SF boutique offie building, for $41M, or roughly $603/SF.
Colliers' Robert Stamm and Bill Kaye represented the buyer in the deal, while HFF's Stephen Potts represented the seller, a private individual. Stamm said Deka remains an active buyer in the market.
The building last sold in 2011 for $14.2M in a foreclosure sale, property records show. It underwent a major renovation in 2014. The property, at the corner of Vermont Avenue and L Street NW, sits about three blocks from the McPherson Square Metro station.
“The property at 1100 Vermont provides Deka’s newly formed North American fund with a quality asset in a gateway market with stable cashflow and additional market-to-market upside potential,” Stamm said in a release. “Although Deka has been an active investor in Washington, D.C., for several years, this strategic acquisition is the first in the D.C. market for this particular fund, and we continue to actively seek investment opportunities across the United States on their behalf.”
