Galaxy 23rd Street Acquires 1250 23rd Street, NW for a Total Transaction of $64M

Cambridge Property Group, announces the successful representation of Galaxy 23rd Street LLC in its acquisition of 1250 23rd Street, N.W., a 128,571 sf mixed use property in the West End submarket of Washington, DC. The project was purchased from W/G 1250 23rd Street NW LLC, whom was represented by Transwestern. Galaxy 23rd Street LLC is a joint venture between Hartford Investment Management Company (HIMCO) and Galaxy Investments LLC. 1250 23rd Street is 100% leased with over 75% of project encumbered by long term lease in excess of 10 years. Tenants have historically been attracted to the (area or property) due to its ease of vehicular access and proximity to the Foggy Bottom and Dupont Circle Metro Stations. Further, the property is strategically positioned in the heart of the West End, conveniently close to Georgetown and the Central Business District. Built in 1989, the property was renovated in 2010, which included a state of the art fitness center, new restrooms and common areas, as well as upgrades and replacements of the building systems.