1776 Massachusetts Ave. NW sells for $45.5 million
- May 10, 2012
ELV Associates, a privately held real estate investment and management firm based in Boston, has purchased an office building at 1776 Massachusetts Ave. NW in Washington, D.C., for $45.5 million, or about $498 per square foot.
The seller was 1776 Mass Ave LLC, managed by New York-based JOSS Realty Partners, a private real estate investment management firm. In 2005, JOSS purchased the 93,312-square-foot building for $34.5 million.
Paul Hanafin and Richard Siegel, principals with West, Lane & Schlager Realty Advisors’ (WLS) Investment Services Group in Washington represented the seller.
According to WLS, the property is 96 percent leased to tenants including Boston University, the Brookings Institution and Johns Hopkins University.
“We had an extraordinary amount of interest in 1776 Massachusetts Ave. NW, which is a unique property in that it’s one of the few privately owned, multi-tenant office buildings in this unique section of the city,” Hanafin said in a statement. “Pound for pound, this neighborhood has consistently commanded some of the most expensive pricing in the city …,” he added. “It is ground zero for many of Washington’s most elite think tanks and nonprofit organizations.”