{"id":3379,"date":"2024-07-24T08:37:50","date_gmt":"2024-07-24T08:37:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=3379"},"modified":"2025-11-12T08:29:36","modified_gmt":"2025-11-12T08:29:36","slug":"tishman-speyer-sells-downtown-washington-d-c-office-building-for-140m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/tishman-speyer-sells-downtown-washington-d-c-office-building-for-140m\/","title":{"rendered":"Tishman Speyer Sells K Street Office Building in D.C. for $140M"},"content":{"rendered":"

New York-based real estate firm Tishman Speyer has sold the 2000 K St. NW property near Farragut West Metro station for $140.2 million<\/a>, according to the Business Journal<\/em>, which cited documents filed with the Washington, D.C. Recorder of Deeds last week. The 12-story, 233,000-square-foot office building was purchased by global investor Spear Street Capital, which secured a $103 million loan from Frankfurt-based DekaBank.<\/p>\n

Originally completed in 1987, Tishman Speyer acquired the building in December 2013 for $89 million and embarked on an extensive, award-winning renovation costing $65 million. Completed in 2017, the renovation added four stories and a rooftop terrace; replaced the granite exterior with a sleek glass facade; and revamped the lobby.<\/p>\n

\"K<\/p>\n

2000 K Street NW, Washington, DC 20006<\/em><\/p>\n

Current tenants include Ankura Consulting Group; DCI Group; and law firms Kramer Levin and Stein Mitchell Beato & Missner, each occupying more than 20,000 square feet. Additionally, AECOM leases 12,500 square feet, Eastdil Secured leases 9,800 square feet and TD Bank occupies 8,000 square feet on the ground floor.<\/p>\n

Spear Street Capital, the buyer, also owns two more properties in Washington, D.C.: a 268,000-square-foot office building near Nationals Park (55 M St. SE) and a stake in the 11-story Mills Building at 1700 Pennsylvania Ave. NW, which they acquired in February 2024.<\/p>\n

Washington, D.C. Second in U.S. Office Sales Amid Distressed Market<\/h2>\n

According to the latest national office report<\/a> from CommercialCafe, Washington, D.C. recorded the second-highest office sales volume in the U.S. through June, totaling $1.3 billion. The only market surpassing this figure was Manhattan<\/a>, with $1.4 billion in office sales.<\/p>\n

However, much of Washington, D.C.’s recent sales activity has involved distressed sales, resulting in significant market-wide discounts. For example, Tishman Speyer’s sale of 2000 K Street to Spear Street incurred a net loss despite costly renovations. Additionally, in May, BlackRock sold a 152,000-square-foot office building in D.C.’s central business district for $26.7 million, a notable decrease from the $43.7 million it paid in 2004. Similarly, in March, the Market Square complex was acquired for $323 million by PRP Real Estate Investment and Morning Calm Office Finance, significantly below its previous sales prices of $615 million in 2011 and a $595 million valuation in 2015 by Blackstone.<\/p>\n

Despite declining office values, Washington, D.C. remains the third-most expensive market in the South for asking rents, averaging $39.78 per square foot in June.<\/p>\n

Are you looking for office space for rent? Select any market from the list of locations linked below or visit the CommercialSearch <\/a>home page to start your search!<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
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New York-based real estate firm Tishman Speyer has sold the 2000 K St. NW property near Farragut West Metro station for $140.2 million, according to the Business Journal, which cited documents filed with the Washington, D.C. Recorder of Deeds last week. The 12-story, 233,000-square-foot office building was purchased by global investor Spear Street Capital, which secured a $103 million loan from Frankfurt-based DekaBank. Originally completed in 1987, Tishman Speyer acquired the building in December 2013 for $89 million and embarked on an extensive, award-winning renovation costing $65 million. Completed in 2017, the renovation added four stories and a rooftop terrace;…<\/p>\n","protected":false},"author":3163,"featured_media":3388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5],"tags":[],"class_list":["post-3379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-office-news"],"acf":[],"yoast_head":"\nTishman Speyer Sells 2000 K St. NW Office Building for $140.2M<\/title>\n<meta name=\"description\" content=\"New York-based Tishman Speyer has sold the 2000 K St. NW property near Farragut West Metro for $140.2M. 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