Garfield Investments, in partnership with Broad Creek Capital, announced the acquisition of 1667 K Street NW, a nearly 200,000-square-foot office building located on the prominent corner of 17th Street and K Street NW, overlooking Farragut Square. The property was acquired for $26.2 million.
The purchase is Garfield’s second major office acquisition in the last year. Of the 12 office buildings fronting Farragut Square, only three have traded in the past 20 years, and 1667 K Street ranks among the most distinctive. The acquisition was brokered by Andrew Weir, Managing Director at JLL. Following the acquisition, JLL has been retained to provide property management services, while leasing will be led by Seth Benhard of JLL.
Garfield plans to invest approximately $10 million in capital improvements as part of a comprehensive repositioning of the property. “The best-located buildings, with the right amenities and the right tenant experience, continue to perform,” said John Mason, Managing Partner and CEO of Garfield Investments.
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