1925 K Street, NW
Project
This eight-story, 148,312 square feet office building, located within the Golden Triangle of D.C.’s Central Business District, was owned by the Communications Workers of America. J Street was handling the leasing for this owner/client and was awarded the exclusive right by CWA to broker the sale of the building.

Challenges
Before placing the building on the market, J Street was tasked with leasing the property to tenants with termination clauses on or before March 2003. The leasing strategy was reflective of the tremendous redevelopment opportunity inherent in the property. J Street was able to achieve 100% occupancy at the time the building went to market.

Solutions
J Street was able to present the building to the market as a 100% leased downtown DC building with attractive yields generated by in-place income, excellent development potential in a market with strong fundamentals, a lack of new construction and a dynamic location in the CBD. At the same time the asset had termination options that allowed a new owner to redevelop the property after the 2003 termination date.

Results
The property was widely marketed in early 2003 and by July 2003, CWA sold the property to the Kaempfer Company for $26 million.