Spitzer buys 418,000 s/f Washington, D.C. office building for $180 million

Bernard Spitzer, through a company he owns, has purchased 1615 L St., a 418,000 s/f office building, for $180 million from an affiliate of Broadway Partners. 1615 L St., built in 1984 and renovated in 2004, is 92% occupied. The purchase was funded by cash, and the assumption of a pre-existing $138 million mortgage. Eliot Spitzer, the former attorney general and governor of N.Y., worked with his father in structuring this transaction. Jeffrey Moerdler, head of real estate practice for the N.Y. office of Mintz Levin Cohn Ferris Glovsky and Popeo, is legal counsel to the family-owned company headquartered in Manhattan. Eastdil Secured acted as sole broker. Bernard Spitzer said, "Washington, D.C.'s vitality continues unabated, even in this most difficult national and international economic climate, and I am pleased to expand my investment in our nation's capital." Eliot Spitzer said, "The current challenging economic environment demands a conservative and patient approach to development and acquisition. However, it is also a good time to pursue prudent long-term investments in prime locations. 1615 L St. meets our high standards. We look forward to exploring similar opportunities in leading markets." Moerdler said, "There were multiple players and many pieces to this jigsaw puzzle played out in a financial marketplace in turmoil. We closed through the persistence and perseverance of all involved."