A joint venture between Infrastructure Capital Group (ICG) and Northridge Capital has sold 901 F Street, a 113,000 sq. ft. Class-A tower in Washington, D.C., for $56 million, or $493 per sq. ft. An anonymous overseas client was the purchaser.
The property is 100% occupied, according to CB Richard Ellis, which represented the sellers. Tenants include The Gallup Organization, Fannie Mae, Northrup Grumman and the U.S. Oil and Gas Association.
Darik Elwan, principal of Infrastructure Capital Group, said that he had "mixed feelings" about selling the asset, which the joint venture purchased in the mid-1990s. "However, given the current market conditions, and our focus on development and value-added investment opportunities, it was the right time for us to consider a sale," he said.
There was no lack of demand from potential buyers. "We received a tremendous amount of interest in 901 F Street from both domestic and offshore investors, and the pricing was in line with our expectations for this one-of-a-kind trophy property," said John Norjen, vice president at CB Richard Ellis.