The Washington Metropolitan Area Transit Authority spent $51.3 million to buy its new headquarters in Southwest D.C., an acquisition that allows the agency to move forward on plans to transfer 700 employees out of the obsolete Jackson Graham Building and into the new facility within two years.
D.C. Recorder of Deeds records show that WMATA bought the vacant 150,000-square-foot building at 300 Seventh St. SW from previous holder 300 Seventh St. NY Owner LLC, an affiliate of Joss Realty Partners. The deal, which amounted to $344 per square foot, was recorded Nov. 30.
Joss Realty had purchased the property for $58 million in 2006 and later defaulted on its debt, providing a potential bargain price for the agency. The building is currently appraised at $57.3 million, according to D.C. property records.
“We were able to purchase that property while discussions were ongoing about foreclosing the property,” said Nina Albert, Metro’s managing director of real estate and parking. “We were able…Read the full story from the Washington Business Journal.