Dive Brief:
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For the first time ever, the selling price of a Washington, DC, office building has topped $1,000 per square foot.
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In a deal with TIAA-CREF and Norges Bank Investment Management on Monday, four-year-old PNC Place in Northwest Washington sold for $392 million—$1,075 a square foot.
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The prior top-selling price was $948 per square foot for a building across the street from PNC Place near Washington’s Farragut Square, an area heavily populated by businesses.
Dive Insight:
The milestone puts DC real estate prices—at least on this block—on par with Manhattan’s, where the average price of an office condo in 2013 was $784.13 per square foot, according to commercial real estate broker Longstreet Associates.