JP Morgan Investment Management, a division of New York-based JP Morgan Chase & Co. (NYSE: JPM), sold the two-building, 609,540-square-foot complex to Los Angeles-based CIM Group Inc.
Jones Lang LaSalle (NYSE: JLL) represented JP Morgan, which has only owned the property for about a year.
The buildings, at 825 and 941 North Capitol St. NE, are fully leased to various D.C. government agencies, including the Department of Health, Office of Tax and Revenue and Department of Consumer and Regulatory Affairs.
"This offering was one of D.C.'s most in-demand investment opportunities, given the property's prime government location immediately north of Capitol Hill," said John Kevill, Jones Lang LaSalle's co-managing director in D.C., in a statement.
Part of the deal includes a development entitlement on the site for a new 256,000-square-foot office building. CIM Group already owns several properties in the District, including L'Enfant Plaza in Southwest, the Wardman Park Hotel in Northwest and the mixed-use City Vista complex at the intersection of Fifth and K streets NW.
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source: bizjournals.com
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