South Korean investor buys D.C. office
Despite the recent results of the by23rd annual survey by the Association of Foreign Investors in Real Estate, which stated that the Washington, D.C., market continued to fall from favor among foreign real estate investors, a South Korean investor has paid $445 million for a District office property.
Mirae Asset Financial purchased the 12-story office located at 1801 K St. NW. The seller was New York City–based Somerset Partners, and JLL represented the seller.
The 563,795-square-foot office building includes 50,500 square feet of street retail and a 353-space underground garage. Major tenants include Lockton Cos., Bank of America, KPMG and Federal Reserve Bank.
The AFIRE survey stated Washington was at the bottom of the five-city U.S. ranking; it ranked 15th