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Douglas Acquires Office Building in Downtown D.C.
Douglas Development Corp. has acquired the Portrait Building at 701 Eighth St. NW in D.C., which the previous owner turned over to its lender earlier this year.
Jemal’s Portrait Building LLC, a Douglas affiliate, bought the 135,000-square-foot, eight-story property for $34.25 million from lender Oconee Real Estate Holdings VIII – Portrait LLC, an affiliate of Atlanta’s Voya Investment Management LLC, reported the Washington Business Journal. The sale of the property known as the Portrait Building works equates to nearly $254 per square foot.
The Voya affiliate acquired the property in May after former owner Regency Portrait LLC, an affiliate of Clarion Partners, relinquished it via a deed in lieu of foreclosure. Regency acquired the property in 2013 for $98.5 million, with a $59.1 million loan from HSBC Bank USA. The Portrait Building is surrounded by retail, dining, and transportation, and it features on-site parking and a tenant lounge.
