In a major boost to foreign capital investment in D.C., German investment firm Deka Immobilien has acquired 1100 Vermont Ave. NW, which is a boutique office building, for $41 million.
The buyer was represented in the deal by Colliers’ Robert Stamm and Bill Kaye, and the seller was represented by HFF’s Stephen Potts.
According to Stamm, Deka will be an active buyer in the market. As per property records, the building was last sold in 2011 for $14.2 million in a foreclosure sale. The building was later renovated in 2014.
The property is located at the corner of Vermont Avenue and L Street NW, three blocks from the McPherson Square Metro Station.
“The property at 1100 Vermont provides Deka’s newly formed North American fund with a quality asset in a gateway market with stable cash flow and additional market-to-market upside potential,” Stamm said in a press release.
“Although Deka has been an active investor in Washington, D.C., for several years, this strategic acquisition is the first in the D.C. market for this particular fund, and we continue to actively seek investment opportunities across the United States on their behalf,” added Stamm.