The Washington, DC office market consists of seven submarkets including Capitol Hill, Central Business District, East End, Georgetown, Southwest, Uptown and the West End.

Contact – Chris Bynum, Vice President, Brokerage Group

Capitol Hill – Abdo Development purchased the 2.4-acre, 110,000-square-foot site of the Capital Children’s Museum. Located at 800 3rd Street, NE, the property includes the original 130-year-old 80,000-square-foot museum and a 5,000-square-foot adjacent building. In the 1950s, 30,000 additional square feet were added to the original structure. Abdo plans to demolish this addition and retain the original museum. With the blessing of the City Planning Office, Abdo will likely develop 500 residences over the next decade.

Capitol Hill – Free Congress Research and Education Foundation Inc. sold 717 Second Street, NE to the Louis Dreyfus Co. for $6.3 million or $238 per square foot, nearly double its assessment according to District records. The three-story 26,303-square-foot office building was fully leased at the time of the transaction.

CBD – A private firm of attorneys and lobbyists operating under the name of Roosevelt Land has purchased 1215 19th Street, NW, a former residence of Theodore Roosevelt for $4.8 million or $480 per square foot. This 11,604-square-foot four-story row house was originally constructed in 1885 and has undergone a series of renovations including the 1957 conversion from residential to commercial property and the 1984 addition of a conference facility and multimedia center. Roosevelt Land plans to use the building for its own business purposes.

CBD – GreenStreet/Niosi Capital Partners LLC teamed with Penzance Properties to purchase 1130 Connecticut Avenue, NW in a co-investment transaction for $66.3 million or approximately $303 per square foot at a cap rate of 8.4%. The Class-A office building was built in 1988 and totals 219,000 square feet.

East End – The Futures Group International (FGI) will occupy 38,111 square feet of One Thomas Circle when it relocates from 1050 17th Street.  FGI handles public health and social concerns.

Georgetown – Collier Shannon Scott renewed its 116,846 square foot lease at 3050 K Street for a 12.5-year term. The law firm has occupied more than half of the 202,538-square-foot Class A property.

West End – The U.S. News and World Report Building, located at 2400 N Street, NW is under contract for purchase by the American College of Cardiology Foundation for an estimated $66 million. At 177,380 square feet, the property is less than half the size of 1625 Eye Street, which originally captured the The ACC Foundation’s attention. However, this works in the Foundation’s favor as it entitles them to tax abatements for the portion of the building they will occupy.

West End – Normandy Real Estate Partners LLC and the New York office of Westbrook Partners have acquired 2401 E Street, NW, a 511,500-square-foot office complex also known as Columbia Plaza. This $118 million transaction is the first for the joint venture and also marks Normandy’s entry into the Washington, DC market. The seven- and fifteen-story detached structures of the complex are leased to the United States General Services Administration through 2012 for use by the State Department.