Clarion Partners LLC acquired The Portrait Building, a 134,240-sq.-ft. class-A office building in Washington, D.C.’s East End submarket, for $98.5 million.
The Portrait Building takes its name from the National Portrait Gallery, located across the street. The property is also located in close proximity to the Verizon Center arena. It is 90 percent leased.
“This vibrant area offers a robust base of amenities that includes both retail and residential features,” said Marc DeLuca, managing director at Clarion Partners, in a statement. “The new CityCenter is under construction just two blocks away, and we expect it to create an even higher level of amenities in the area, which will be highly attractive to tenants of The Portrait Building. We are proud to acquire this unique property on behalf of our client.”