A new record: PNC Place sells for $1,075 a square foot

By WTOP Staff
October 27, 2014 | 5:50 PM

The $1,000 barrier has been broken: For the first time in history, a D.C. office building has sold for more than a grand a square foot.

TIAA-CREF and Norges Bank Investment Management paid $392 million, or $1,075 a square foot, to buy PNC Place at 800 17th St. NW near Farragut Square. The sale was announced in a press release Monday; the price was recorded in D.C. land records.

The record for a Class A or trophy building is a huge symbolic shot in the arm for D.C.’s investment sales market, which has flirted with the milestone for years. Wells Real Estate Investment Trust set the last record with its acquisition of the two-building Market Square for about $905 per square foot in 2011. In February, Morgan Stanley’s Prime Property Fund paid $948 a square foot for a 64.1 percent stake in 801 17th St. NW, right across the street from PNC Place.

Pittsburgh-based PNC Financial Services Group and Vornado/Charles E. Smith developed the 364,500-square-foot PNC regional headquarters in 2010. The building — also home to Holland & Knight, Analysis Group and Haynes & Boone — achieved LEED Platinum designation, the highest possible, from the U.S. Green Building Council.

The sale appears to be the first partnership between TIAA-CREF and Norges in D.C. Both have been working to expand their presence in Washington’s office market but independent of each other. Norges teamed up with MetLife nearly a year ago to buy the Thurman Arnold building at 555 12th St. NW for about $505 million and is gearing up on a renovation and rebranding of that property. TIAA-CREF, meanwhile, has had a pretty health appetite for D.C. real estate and set a its own record earlier this year with its acquisition of The Woodley for $195 million, or about $920,000 per unit.

Holliday Fenoglio Fowler marketed the property for sale on behalf of PNC. The HFF team was led by Executive Managing Directors John Pelusi and Stephen Conley along with Andrew Weir, Jim Meisel, Dek Potts, Matt Nicholson and Dave Baker.

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
July 14, 2026 | 6:30 PM

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers

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