Transwestern announced today that they brokered the sale of 1400 Eye Street, N.W., Washington, D.C., a free standing 12-story Class "B" office and retail building totaling 175,127 square feet. The property was acquired by Zuckerman-Gravely Development, Inc. from 1400 I Street NY LLC (JOSS Realty Partners) for $58,450,000.
 
Transwestern’s Institutional Commercial Group brokered the sale on behalf 1400 I Street NY LLC (JOSS Realty Partners). Transwestern sold the building to JOSS Realty Partners five years ago for $42,250,000.

1400 Eye Street, N.W., is a multi-tenanted office building originally constructed in 1983 and underwent major renovations in 2009.  The property is located in Washington, D.C.’s East End submarket at the corner of 14th and Eye Streets, directly above the McPherson Square Metro Rail Station and just four blocks from the White House.

Well located in the heart of Washington, D.C., 1400 Eye Street, N.W., offers premier scenic views of Franklin Park, corner frontage along a major arterial (14th Street), and underground parking, a combination which makes 1400 Eye Street, N.W. one of the area’s most desirable corner locations. Furthermore, the property provides stable cash flow with the upside through the lease-up of several vacancies.

Building features include glass lining on all four sides, rectangular building with central core, which provides for functional floor plates, direct access to the Orange/Blue Metro lines and secure underground tenant parking spaces.

Positioned directly above the McPherson Square Metro Station, whose Orange/Blue lines connect downtown Washington, D.C. with both Virginia and Maryland, and just one stop from the Metro Center Station, the hub of the city’s Metro rail system; the property offers an easy rail commute for those desiring public transportation.

Current tenants of 1400 Eye Street, N.W. include Campaign for Tobacco-Free Kids, The One Campaign (formerly The Data Foundation), African Development Foundation, the District of Columbia Police Department, and Stein McEwen, LLP.

According to Delta Associates, Transwestern’s research affiliate, Washington, D.C.’s East End enjoys the lowest direct vacancy rate in the city, 6.3%. In addition, with concessions drying up, rents have begun to rise and are projected to spike in the near future.

Transwestern’s DC Institutional Commercial Group focuses on institutional investment services throughout the Washington, D.C. region, providing their clients with exceptional service and market knowledge.  Over the past 12 months, the Institutional Commercial Group’s transactions have totaled over $1 billion in aggregate value.  Their success is a direct result of their detailed underwriting and keen understanding of the local, national, and international investment communities.  For more information on the Institutional Commercial Group, please visit www.Transwestern-ICG.net or call Gerry Trainor, Executive Managing Director at 202-775-7091.

About JOSS Realty Partners LLC
JOSS Realty Partners LLC (“JOSS”) is a private real estate investment management firm headquartered in New York City.  The firm owns and operates commercial office properties in the metropolitan markets of Washington, D.C., New York, Philadelphia, Boston and Southeastern Florida.  JOSS was founded in 2005 by Larry Botel and Steve Klein.  Since inception, JOSS has acquired 15 office assets totaling over 2.5 million square feet with a value in excess of $650 million.   

About the Company
Transwestern is a national, privately-held operating company specializing in commercial real estate services, investment and development.  The firm’s fully integrated approach delivers value to owners, investors and users of commercial real estate through innovation, penetrating market intelligence and legendary service delivered by teams of local experts.  Transwestern has product specialties in office, industrial, retail, multifamily and healthcare and is an industry leader in sustainability solutions and in market research through its affiliate, Delta Associates.​