BXP has completed the sale of a 254,000-square-foot office building in Washington, D.C.’s Dupont Circle neighborhood for $92.3 million. Affiliates of Jemal Equities acquired the property at 1330 Connecticut Avenue NW, according to deed records cited by Commercial Observer.
The transaction advances BXP’s effort to shed older office holdings in the nation’s capital, where landlords continue to contend with shifting occupier demand and a more selective investment market.
Burke & Herbert Bank & Trust provided $72.5 million in financing for the acquisition. The debt package accounts for a substantial portion of the purchase price and gives Jemal Equities control of a sizable office asset on Connecticut Avenue.
For investors and occupiers, the deal underscores continued trading activity in well-located Washington office submarkets even as owners reassess the role of aging buildings in their portfolios.
