Prominent Connecticut Ave office/retail trades for $32.5M

WASHINGTON, D.C. – October 29, 2020 – JLL Capital Markets announced that it has closed the $32.5 million sale of 1301/1317 Connecticut Avenue in the heart of Washington, D.C.’s Central Business District. An easy walk from the residential neighborhoods of Dupont Circle and Adams Morgan, 1301/1317 Connecticut Avenue is steps from restaurants, retail and hotels, as well as the Dupont Circle and Farragut North Metro stations. 

JLL represented the seller, Shorenstein Company, LLC., which following its acquisition in 2011, transformed this boutique property by renovating the lobby, common areas, elevators, restrooms and constructing “spec” suites and a state-of-the-art fitness center.

Being one of only three office buildings with a sought-after Connecticut Avenue address, monument views and the ability to offer a full-floor or direct elevator presence and identity to occupiers under 10,000 square feet, makes the asset attractive to smaller family offices, think tanks, special-interest groups and not-for-profit organizations.

“Investor appetite for smaller - +/-$50 million - D.C. office assets remains relatively strong given the ability to pair investors with active lenders, at what remain historically attractive loan terms,” commented Bill Prutting, Senior Managing Director for JLL Capital Markets who led the team representing the seller.  “Interest is heightened for point-of-difference assets with unique advantages - corner site, free-standing design, recently renovated or repositioned.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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