Global Building Sale Tops $34M

WASHINGTON, DC- Columbia Equity Trust Inc. has gone into contract to acquire the Global Building, a 110,000-sf office facility, from Cambridge Property Group. The deal carries a $34.3-million price tag.

Cambridge Property acquired the Global Building at 1025 Vermont Ave. in late 2002 for $23 million. According to District real estate records, the property has a current assessed value of $23.4 million.

The Global Building was developed four decades ago in the central business district, about five blocks from the White House. In addition to the class B office space, the 12-story structure features a small amount of street-level retail and a two-level underground parking facility to accommodate 150 vehicles. Cambridge has been marketing vacant office space for $33 to$34 per sf.