Georgetown Plaza has been sold for $23.5 million.
A joint venture between Columbia Equity Trust and Aetna Life Insurance bought the 147,026-square-foot office building at 2233 Wisconsin Ave. NW in D.C.
The five-story structure, built in1964, was sold by Unicorn Wisconsin, an independent real estate investment firm.
The building was on the market for 21 months before it closed. The deal involved a complex negotiation to extend the ground lease from 53 years to 99 years with the land owner.
Columbia is expected to manage and lease the building, which already has Theodores Furniture and Bomstein Agency as its main tenants. More than 30 percent of the building remains vacant.
The new owners want to spend at least $2 million to upgrade the property before renting to new tenants.
Paul DeFilippes and John Duffy, principals with Summit Commercial Real Estate, represented the seller. Columbia Equity Trust was represented by Scott Nudelman and Oliver Carr III.