Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-11-25
VALUABLE REALTY SOLD
Mr.. O. O. Glover Secures Part of the Corcoran
Estate.
Lot AdjOins Riggs National Bank
Building and Will Be Transferred
to That Institution.

An important sale of real estate has just
been completed by the receipt in this city
of a deed by which Mrs. Louise Eustis
Hitchcock transfers to Mr.. Charles Z.
Glover the property on the north side of
what is known as Pennsylvania avenue just
west of 18th street and adjoining on the
west the building occupied by the Riggs
National Bank. The lot has a frontage of
53 feet and a depth of about 130 feet,
portion of the rear opening on 2o-foot
alley. 1t is improved in part by an old
building which is now used for office pur-
poses. AS the value of the improvements
was not considered in the transaction. the
price paid may be regarded as the value of
the ground alone. The lot contains 8,I5S
square feet, and the consideration paid was
$4,000 which is at the rate of over so
per square foot.
1t is the intention of Mr.. Glover, who is
the president of the Riggs National Bank.
to make a deed transferring this property
to the bank, and then it is proposed by the
latter in the near future to erect a building
designed exclusively for the use of the
business of the bank. The present banking
house at the corner will be given up and
the institution will be located in the new
building.
The size of the lot is exactly the same
that which the present banking house
stands. 1t is proposed to erect building
Wnlcn Will De only one story nlSn, anu
which will be in every way a model busi-
ness house of the character required.
Matter of Policy.
It is stated that the change is to be made
because the bank now occupies its present
quarters only a tenant, and that in a
short time the lease will expire. It is be-
lieved it will be better policy for the insti-
tuition to own its own banking house. and
for that reason the purchase was made, as
above stated.
The sale was made by Mr.. ]. f. McLeran
of the firm of Heiskell & McLeran, real
estate brokers. in connection with Mr. W.
T. Harris. the agent Of Mrs. Hitchcock
The latter was Miss Eustis a grand
daughte. of the late w. w. Corcoran, and
in the recent division of the estate among
the heirs this piece of property fell to the
share of Mrs Hitchcock. Several years
ago another division was made of the en-
tire piece of property, including the bank
building. that above referred to. anc the
property adjoining the bank building on
the north, and improved by the one-story
stone building fronting on 10th street.
Once Held by Heirs.
This realty was held as whole by the
heirs of the late w. W. Corcoran and Mr..
E. Francis Riggs, as the heir of the late
George w. Riggs. In the division the bank
building was transferred to Mr.. Riggs and
the balance to the Corcoran heirs. Mr..
Riggs is still the owner of the property and
leased il to the bank for a term of years,
and that period has now about expired.
Mr.. Riggs is a director and one of the
large stockholders of the bank, which sue
ceeded to the business of Riggs & Co., for
many years private bankers. He is row
travelling in Europe, but it is expected he
will return in the near future. He is the
vice president OF the National Safe Deposit,
Savings and Trust Company, at the corner
of 18th street and New York avenue, and
before he went away he had his office there.