The Mortgage Bankers Association is selling their building in Washington DC for $41.3 million, which sounds like a lot, except the trade group bought the building for $79 million in 2007 with the help of a $75 million loan from PNC Financial.
A year ago, the folks at Cassidy & Pinkard Colliers described the office market in the nation’s capitol as “recession-resilient yet again.” And with the city’s main employer adding jobs, the outlook for office was somewhat positive.
So who is buying the building? CoStar Group Inc. one of the go-to real estate data providers for appraisers. One would think the people at this company would know a deal when they see it.
