JP Morgan Asset Management and JBG Smith Properties sold a a roughly 401,000-square foot office building at 1501 K St. NW in Washington, D.C., for $385.4 million to Ponte Gadea, an investment fund backed by Spanish billionaire Amancio Ortega, Bisnow reported, citing the the D.C. Recorder of Deeds.
The price for the property, named The Investment Building and located in the city's central business district, translates to about $960 per square foot.
Cushman & Wakefield brokered the deal on behalf of the sellers.
The building, which was delivered in 1923 and revamped in 2001, is 92% leased, with law firm Sidley Austin LLP occupying 72% of the space until 2031 and Swiss banking institution UBS leasing 13% of the building until 2026, the Dec. 19 report added, citing the broker's marketing brochure.