Douglas Development Corp. has recently purchased the Portrait Building located at 701 Eighth St. NW in Washington D.C. The previous owner, Regency Portrait LLC, had defaulted on their loan and turned over the property to its lender earlier this year.
The building was acquired by Jemal’s Portrait Building LLC, a Douglas affiliate, for $34.25 million from Oconee Real Estate Holdings VIII – Portrait LLC, an affiliate of Voya Investment Management LLC based in Atlanta. According to reports from the Washington Business Journal , this sale equates to approximately $254 per square foot.
Voya Investment Management had acquired the property in May after Regency relinquished it through a deed-in-lieu of foreclosure process. In 2013, Regency had purchased the building for $98.5 million with a loan of $59.l1 million from HSBC Bank USA.
The eight-story office building spans across 135,000 square feet and is surrounded by various retail stores and restaurants as well as transportation options making it an ideal location for businesses looking for convenience and accessibility for their employees and clients alike.The property also offers on-site parking facilities along with amenities such as a tenant lounge.
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