Johns Hopkins University has acquired an office building in downtown D.C. through a deed in lieu of foreclosure.
The university bought 633 Indiana Ave. NW for $30.7 million from an affiliate of Zuckerman Gravely Management Inc., reported the Washington Business Journal. The acquisition is funded through a combination of institutional funds and philanthropy. The property had been scheduled for a foreclosure auction that was canceled when Johns Hopkins bought the property outright.
The 13-story, 151,300-square-foot building has which has long housed the Court Services and Offender Supervision Agency. Johns Hopkins will use the additional space for faculty and staff when the court agency’s lease ends later this year. The deal works out to roughly $203 per square foot, and the building has an assessed value of $37.8 million…