Zuckerman-Gravely Development Inc. of Chevy Chase has paid nearly $58.5 million, or about $333.8 per square foot, for 1400 Eye St. NW, one of the first investment buildings to be put on the market for sale in 2011 in downtown D.C.
Zuckerman-Gravely acquired the 175,127-square-foot building from Joss Realty Partners LLC and GE Capital. The sale of 1400 Eye, a 12-story office-and-retail building which sits atop the McPherson Square Metro, was brokered by Transwestern’s Institutional Commercial Group.
As the Washington Business Journal reported Jan. 4, the building’s offering marked the start of the 2011 investment sales season. And its closing comes amid a flurry of end-of year closings that have included an equity stake in the Homer Building downtown, One Virginia Square, the Watergate office building, and 1400 Wilson Blvd.
The building at 1400 Eye St. was built in 1983 and underwent a major renovation in 2009. It is 81 percent leased to tenants including Stein McEwen LLP, the African Development Foundation and the Campaign for Tobacco-Free Kids.