The building, which was developed in 1963 and renovated in 1998, has 146,472 square feet of space. The transaction price works out to $340 per square foot.
The property is at 1100 17th St. NW, three blocks from the White House. It is 82 percent leased, Liberty said.
The company plans to eventually redevelop the property.
Liberty has an interest in and manages roughly 2.7 million square feet of office space in Washington and Northern Virginia.
Shares fell $1.03, or 3.4 percent, to $28.97 in afternoon trading.
The 12-story property was developed in 1963 and underwent substantial renovation in 1998. It is located in the heart of Washington's central business district, three blocks from the White House, and is in close proximity to multiple Metro stations. It is currently 82% leased.
"Due to its outstanding location, 1100 17th Street NW is a property with enormous untapped potential," said Michael Jones, vice president and city manager for Liberty's Washington/Northern Virginia operation. "In the short term, our plan for this property is to add immediate value through incremental leasing. Our long-term strategy is to undertake redevelopment at some future date to create a Class A property more commensurate with its Class-A location."
Liberty has an interest in and manages approximately 2.7 million square feet of office space in Washington and Northern Virginia. In addition to 1100 17th Street NW, Liberty's holdings in the District of Columbia include The Liberty Building at 1129 20th Street, NW - a LEED Gold office building - and The Republic Building at 1425 New York Avenue, NW. Significant Northern Virginia office park holdings include Pender Business Park and WillowWood Plaza (both in Fairfax), Presidents Park and Republic Park (both in Herndon) and Lakeside I and II at Westfields Corporate Center (in Chantilly.)
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