June 01, 2004

 

 Board approves purchase of Washington, D.C., office building - June 1, 2004

 

Board approves purchase of Washington, D.C., office building

After touring the picturesque, white brick row house office building in the Central Business District of Washington, D.C., on April 4, the AVMA Executive Board approved a recommendation to buy the 8,000 square foot property for an estimated $2.575 million, to be taken from reserves.

The AVMA's purchase of the property is contingent on favorable outcomes from building inspections and other evaluations.

Up to an additional $500,000 from reserves was approved to reconfigure and furnish the building, which will be the new home of the AVMA Governmental Relations Division. The GRD office is currently located in leased space on the 1100 block of Vermont Avenue.

AVMA Treasurer James F. Peddie recommended that the board approve buying the property, calling it a wise investment. "This building fits us to a tee," Dr. Peddie said.

The four-story building is located near the Dupont Circle Metro and is large enough to accommodate renters. It was completely renovated in 1988 and includes several office spaces, a six-passenger elevator, and seven parking spaces in the rear. The going rate for purchasing a parking space in the district is $25,000, Dr. Peddie noted.

The sellers had been asking $3 million for the property but were persuaded to lower their price to $2.575 million—a savings of $425,000.

"The purchase of a building for the AVMA in Washington, D.C., is not only a clear political statement but also is very sound fiscal decision," said GRD director, Dr. Michael Chaddock.