FOR IMMEDIATE RELEASE
December 22, 2003
HARBOR GROUP INTERNATIONAL SELLS WASHINGTON, D.C.
OFFICE BUILDING
 Harbor
Group International (HGI) of Norfolk, Virginia has sold
the 11-story, 100,000 square foot building located at 1015
18th Street, NW to an affiliate of Donohoe/Corfac for
a price of $27.6 million. Jim Meisel and Dek Potts of Advantis
served as brokers for the transaction.
The property, located in the heart of the Washington,
D.C. central business district, was purchased by HGI in
a joint venture with a corporate investor in August of
2002 for $21 million.
“Washington, D.C. continues to be one of the strongest
markets in the country for investment real estate,” said
Chuck Patty, Harbor Group International Chief Investment
Officer. “We acquired 1015 18th Street with the intent
of re-leasing space at market rents and then exiting the
investment. Due to the healthy conditions of the Washington,
D.C., market, we were able to do this on an accelerated
schedule and sell the property earlier than expected.”
The building was completed in 1970 and renovated in 1999
and 2000. The property was 87% occupied when HGI purchased
it in 2002. It is currently 97% occupied. Major tenants
include The Hudson Institute, The Federalist Society, Delphi
International, YWCA Headquarters, Energy Resources International,
Katz & Ranzman, P.C., Metro Water District, and the
Mineralogical Society.
The property is located on 18th Street between K and L
Streets in the center of Washington, D.C. The building
has three subterranean levels of parking with 121 spaces
and is one block from the Metro stations for the Red, Blue,
and Orange lines.
The Washington, D.C. office market is the second largest
in the country, second only to New York City. It consists
of over 89.7 million square feet, of which 63.6 million
square feet are located in the two core markets, the historical
Central Business District (32.4 million square feet) and
the growing East End district (31.2 million square feet).
Harbor Group International currently owns $850 million
worth of properties in 15 states in the United States as
well as three different countries. For more information,
visit the company’s website at www.harborgroupint.com.
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