Cambridge, Westport Make D.C. Value-Added Play

Cambridge Property Group and Westport Capital Partners have acquired 1250 23rd Street in Washington, D.C. from Brookfield Office Properties for $36.7 million, or around $300 per square foot. The partners purchased the recently renovated West End office as a value-added play, as it is only 60% leased. Pricing is well below a number of other recent Washington office sales, which have ranged from $600 to $900 per square foot.