What 1200 19th Street is Worth
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Fosterlane Management, the Atlanta-based US investment vehicle of the Kuwait Investment Authority, has reached a deal to purchase 1200 19th St(which we snapped yesterday) from Hines for about $294M, according to the WBJ. Market sources tell us the 338k SF, 90%-occupied property will trade at a cap rate just south of 5%. The news comes on the heels of the sale two weeks ago of a nearby Hines asset--2100 M Street.
We also learned this week what the Center for Global Development paid for its 34k SF,full-floor office condo at Monument Realty's 2055 L St:$13.5M,according to public record, in a deal that officially closed Monday. That's$403/SF. Or about $1 per window, it seems.