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Tuesday, May 14, 2013

1100 16th Street's Target Price $625-$650 Per SK/F

Washington, DC - Rock Creek Property Group is placing a newly redeveloped CBD office on the market with an approximate asking price of $625 per square foot to $650 per square foot in mind, according to principal Gary Schlager.

The building is 1100 16th St., NW, a 28,366-square foot former two-building private school that the company redeveloped into one four-and-a-half story office.

It would be willing to consider a tenant scenario, Schlager tells, but the company would prefer a sale. "We don’t even have a leasing rate in mind for the property," he says.

Schlager declined to discuss development costs for the project -- other than to say they were in the multi-million dollar category -- or the company's hoped-for return.

It was, though, clearly a value-add-opportunistic play for the company. "We took a run down building in a jewel of a location and created a jewel of an asset," he says.