The Largest Buildings in Washington DC For Sale!!

NNN Lease Market News

A family-owned company has put one of the largest buildings in Washington on the block, hoping to fetch as much as $900 million for the property in what has been one of the hottest office markets in the country.
But the timing of the offer by David Nassif Associates may not turn out to be as good as it looks. Until now, the Washington market has outperformed those in most other cities, thanks to strong demand from government agencies and contractors.
But, with pressure building to lower the national deficit, the government is moving into a contraction mode and real estate has become one of the targets of the budget ax. Last year, President Barack Obama directed federal agencies to accelerate efforts to eliminate unneeded properties, setting a goal of saving $3 billion by the end of 2012.
The building was built in the 1960s by the father and grandfather of David W. Nassif and served as the Department of Transportation headquarters until the agency moved out in 2007. At the height of the market, the owners spent about $300 million to redevelop the building without a tenant in hand. But the building has remained empty since it was completed at the end of 2009.

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