2121 K St. Sells for $68M

WASHINGTON, DC-Acting on behalf of a commingled investment fund, ING Clarion purchased 2121 K St. NW for $67.5 million. Seller M & J Wilkow had acquired the 133,000-sf office property in July 2004 for approximately $49.8 million.

Following M&J’s acquisition, the company secured a transferable development right, which paved the way for the expansion of the five-story structure by three floors and 52,000 sf. ING Clarion plans to upgrade the property to the tune of $30 million. The renovation project, scheduled to get under way in mid-2006, will add another three floors to the structure for an increased aggregate size of 192,000 sf.

Located near George Washington University, 2121 K St. was developed nearly a quarter-century ago. It is home to the likes of the American College of Emergency Physicians, the National Association of Government Contractors and the Employee Benefit Research Institute.