The State Oil Company of Azerbaijan has acquired 1319 18th St. NW for $12 million

According to the Washington Business Journal, the State Oil Company of Azerbaijan Republic,  acquired the 23,232-square-foot building Oct. 9 for about $516.5 per square foot. 

SOCAR has paid $12 million for the Heldref Publications Building near Dupont Circle, a five-story building at 1319 18th St. NW that for years hosted elaborate receptions and events and was owned by the Kirkpatrick Jordan Foundation.

The building's sale was brokered by Jim Kazunas, president of Gaithersburg-based Hollywood Real Estate Services LLC. Kazunas said the property drew interest from prospective buyers from around the world because of its cache, including a European group that was interested in converting it into a hotel.

SOCAR has ties with the U.S. oil and gas industry, and several U.S. Senators have traveled to the country to meet with SOCAR officials and highlight the strategic relationship between the two companies.

James Connelly, a vice president with Lincoln Property Co. who handles leasing at the building, said there was strong interest in the property both because of its historic nature and the high concentration of universities, embassies and government agencies in the area. Connelly said SOCAR plans to use the buildings for its offices and related events.

The building features an ornately decorated ballroom and other architectural touches. It was constructed in 1900. The property is assessed at $9.5 million, according to D.C. property records.-0-