Jones Lang LaSalle Incorporated : Boutique Washington, D.C. office building sold for $58.5M

WASHINGTON, D.C., Jan. 6, 2021 -JLL Capital Markets announced today that it has closed the $58.5 million leasehold sale of 1717 Rhode Island, a 157,050-square-foot boutique office building in the heart of downtown Washington, D.C.

JLL marketed the property on behalf of the seller, BentallGreenOak. Tritower Financial Group purchased the asset.

1717 Rhode Island provides a first-class amenity package that includes private terraces on the upper floors, a fitness center, two-story lobby and a three-level parking garage. The property is 86 percent leased with 7.3 years of WALT to six tenants, including Uber, which uses the property as its East Coast hub; Steve Case's Revolution; and The Case Foundation.

1717 Rhode Island is situated on nearly half an acre adjacent to the historic Cathedral of St. Matthew the Apostle at the confluence of Rhode Island Avenue, Connecticut Avenue and M Street. This live-work-play area is proximate to three Metrorail stations and the sought-after housing and amenities of both Dupont and Logan Circles.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker.

'Tritower is thrilled to acquire this unique asset as its first investment within the District' said Tod Brainard, Chief Investment Officer at Tritower. 'We thank BGO for its extraordinary cooperation in selling the property during this global pandemic. We plan to position the asset as the leading tech-oriented destinationwithin the vibrant DuPont Circle market and will seek improvements including a reimagined lobby and expanded fitness center.'

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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