Still Empty Two Years After Delivery, 500 D St. SW Sells For $93M
An Atlanta-based firm has made its first acquisition in DC by placing a big bet on the District's office market.
Goddard Investment Group bought the empty building at 500 D St. SW, known as National Square, for $93M from an affiliate of the AFL-CIO Building Investment Trust, the Washington Business Journal reports.
The 12-story, 342k SF office building was developed by Trammell Crow on behalf of the trust on the site of the former DC Children and Family Services Agency. Trammell Crow razed that 135K SF building and then built National Square, which delivered in 2015.
The speculatively built project has yet to land its first lease since delivering. Goddard retained Lincoln Property to manage the building. AFL-CIO Building Investment Trust has been active out in Tysons, where it is planning a five-building, 1,900-unit development.