Prominent Connecticut Ave office/retail trades for $32.5M
JLL Capital Markets led the sale efforts for Washington, D.C.’s 1301/1317 Connecticut Avenue, NW
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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.