Washington, DC — Newmark announced the $13M sale of 1527-1529 18th St., NW from the Mathematical Association of America (MAA) to the University of Utah. The sale comprises three buildings: 1529 18th St., NW, 1527 18th St., NW and a Carriage House at 1781 Church Street, NW. Newmark’s Senior managing director Doug Damron and managing director Chris Lucey were the sole brokers on the transaction, representing both the buyer and seller.
The asset encompasses 22,340 s/f sitting on a 10,854 square foot lot. The University of Utah will use the location as a living and gathering place for students of the Hinckley Institute of Politics, which runs one of the nation’s most enduring and prestigious Washington, DC internship programs. The location was a key component for their decision to purchase the asset as it offers students a safe environment in which to access Dupont Circle and Capitol Hill. The MAA plans to relocate within the same neighborhood to a more modern and efficient space.
“Even during the tumult of the past year amidst the pandemic, Washington DC has seen increased demand for organizations looking for space,” said Damron. “This past year alone, we’ve seen several universities putting an outpost here as they realize there’s a long-term play for their students to be in a well-located asset as they learn the ins and outs of the nation’s capital.”
1529 18th St., NW is a Classic Revival style building located in the heart of DC’s Central Business District. The property was built in 1903; the three buildings feature distinctive red brick, grand columns, extensive trim and oversized windows. Interior features include a large staircase, elevator, conference room, high ceilings and fireplaces. In 2005 the Carriage House was converted to a meeting facility with one large conference room for 70 people and two smaller conference rooms on the second floor. The generous floorplates within all three buildings easily accommodate multiple offices and open work areas, and the building’s corner location adjacent to the alleyway provides natural light throughout. It also includes parking for 22 vehicles and an outdoor patio that may also be converted to rare private outdoor space.