Liberty Property Trust buys D. C. office building for $50 million
- December 12, 2011
Liberty Property Trust purchased a 146,472-square-foot office building in Washington, D.C., for $50 million, or about $340 per square foot. The Malvern, Pa.-based real estate investment trust announced the deal Monday.
The 12-story property at 1100 17th Street NW was developed in 1963 and underwent substantial renovation in 1998. It is located in Washington’s central business district — three blocks from the White House — and is close to a number of metro stations. According to Liberty, the building is currently 82 percent leased.
“Due to its outstanding location, 1100 17th Street NW is a property with enormous untapped potential,” Michael Jones, vice president and city manager for Liberty’s Washington/Northern Virginia operation, said in a statement. “In the short term, our plan for this property is to add immediate value through incremental leasing. Our long-term strategy is to undertake redevelopment at some future date to create a Class A property more commensurate with its Class A location.”
Liberty manages about 2.7 million square feet of office space in Washington and Northern Virginia. Other holdings in the region include Pender Business Park and WillowWood Plaza (both in Fairfax), Presidents Park and Republic Park (both in Herndon) and Lakeside I and II at Westfields Corporate Center in Chantilly. The company also has holdings in Hampton Roads.