Marcus & Millichap closes McPherson Square office building in DC over list price
WASHINGTON, DC — Marcus & Millichap announced the sale of 923 15th St. NW, a 13,168 s/f office building in downtown Washington, D.C., according to Bryn Merrey, regional manager of the firm’s D.C. office. The McPherson Square asset sold for $5.2 million, $200,000 over list price, after 24 days on the market.
Robert Filley, senior director, Josh Feldman, associate vice president investments, Marcus Fleckenstein, investment specialist, and Benjamin Wilson, investment specialist had the listing to market the property on behalf of the seller, a group of attorneys who have owned and operated the property for 35 years. The buyer, Douglas Development Corporation, was also secured by this team of agents out of the firm’s Washington, DC office.
“Market conditions are very strong for older and historic properties near the Central Business District and East End submarkets of Downtown D.C.,” Filley said of the market. “Especially because this property offers a tremendous value-add opportunity for savvy investors that understand the unique nature and significance of these historic buildings.”
The property, located at 923 15th St. NW, is less than 1,800 ft. from the White House and directly next door to the American Civil Liberties Union’s Washington Legislative Media office. Douglas Development Corporation plans to redevelop the property, which was delivered vacant, to include potential ground floor retail and upper level office space. n The six-story building, located one block from the McPherson Square Metro station, was designed by local architect George N. Ray in 1924.
“Based on the property’s McPherson Square location and potential to reposition, this was a very competitive process wherein we generated numerous offers that resulted in an atmosphere yielding an above list price,” Feldman concluded.