KanAm Grund Puts 1899 Penn on Market

WASHINGTON, DC-Frankfurt-based KanAm Grund Kapitalanlagegesellschaft has retained Jones Lang LaSalle to market 1899 Pennsylvania Ave. It is marketing the 186,462-square-foot CBD property shortly after its sale of the 227,000-square-foot Evening Star Building for close to $180 million.

Asking price for this building is $150 million, or roughly $820 per square foot, Jones Lang LaSalle’s John Kevill tells GlobeSt.com. He adds that he expects the building to trade in the sub 6% cap rate range. Besides Kevill, Collins Ege, Jim Molloy and Sean McDermott are handling the transaction with support from Steve Collins. Designed by Leo A. Daly, the 11-story building is fully leased.