Jemal Equities Buys L Street Office Tower
The 417K-square-foot building at 1615 L St. NW changed hands for $45 million after a court-approved receiver's sale.
Updated on Nov. 5, 2026 in Commercial
Jemal Equities purchased the office building at 1615 L St. NW in Washington, D.C. for $45 million. The sale followed a receiver-approved transaction for a property previously owned by Carr Properties.
Why it matters
The deal marks a sharp price reset for a large downtown office asset that had been valued far above its current price. It signals how distressed office properties in Washington are changing hands as owners fall behind on debt.
The purchase was $45 million, financed by a $48 million loan from NEG Financing I LLC taken out by two Jemal-managed LLCs. Carr bought the building in 2016 for $229 million, and it was only 27.6% leased as of September.
The players
Jemal Equities
Jemal Equities is a Washington, D.C.-area real estate firm that has bought several large office buildings in the region.
Carr Properties
Carr Properties is a Washington-area commercial real estate company that previously owned the 1615 L St. NW building.
Trigild
Trigild is a court-appointed receiver that took control of the property after Carr defaulted on its debt.
Cushman & Wakefield
Cushman & Wakefield is a global commercial real estate services firm selected to lease the building's office space.
The details
A court-appointed receiver, Trigild, controlled the property after Carr failed to pay its CMBS debt at maturity in September 2023. A D.C. Superior Court judge approved the receiver's sale in July, and the building lost three tenants between January and August 2025.
Timeline
September 2023: Carr failed to pay its CMBS debt at maturity.
July 2024: A court appointed receiver Trigild to the property.
January 2025: The building lost a two-floor tenant.
July 2025: Trigild selected Cushman & Wakefield to lease the space.
November 5, 2026: Jemal Equities' purchase was reported.
Market Landscape
The sale follows a pattern of distressed D.C. office buildings trading at steep discounts after CMBS defaults. Jemal's acquisition of this building adds to its recent purchases of other large Washington-area office properties.
Downtown Washington office space near the Farragut North Metro may see new leasing activity as the building is re-tenanted. Commuters and nearby businesses will be affected by any changes in occupancy.
The takeaway
Distressed office assets are being repriced sharply, and buyers willing to take on vacancy risk are stepping in. Investors and tenants alike should watch how these low-cost acquisitions are re-leased in the coming year.
Further reading
For more on commercial property deals, browse the Commercial section.
Source note: This article includes information reported by Bisnow.
