1776 Massachusetts Avenue, NW Washington, DC
SSH Real Estate acquired the 91,836 square foot Class B+, 8-story office building from local Washington, D.C. investors in a joint- venture with Young Capital and JOSS Realty Partners. Located along the 1700 block of Massachusetts Avenue, the building anchors the eastern end of the area known internationally as Embassy Row. The building is situated where the upscale Dupont Circle neighborhood and historic Embassy Row converge.
Upon acquisition, the building was 96% leased, with all but one 5,000 square foot tenant expiring after April 2010. The stable rent roll was one of the property’s appealing attributes. The leading tenants in the building included: American Center for International Education (31,281 SF), IEE Center for Global Development (11,405 SF), Worldwatch Institute (11,859 SF) and Princeton Review (6,029 SF). The property is virtually free-standing above the fourth floor allowing excellent light exposure and views. The gap between Class B and Class A rents has continued to narrow as Class B rental rates have increased substantially since the purchase date.
The property was sold for $45.5 million or $495 per square foot in May of 2012.