Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-07
MILLION DOLLAR DEAL
Mr.. John R. Mclean Buys
Old Riggs Bank Property.
OF BANK STOCK
THE TRANSACTION SEALED BY
AGREEMENT OF PARTIES.
Large Office Building on the Site in
Prospect-Record Price
Paid.

A deal which Is likely to be notable as
marking record price for property in the
business section of the city, has been
brought to the point of signing the
agreement of purchase. If this agree
ment is carried out-and there is no reason
to believe that 1t will not be-Mr. John r.
Mclean will become the owner of the prop
erty formerly occupied by the Riggs Ma
tional Bank. at the northwest corner of
Pennsylvania avenue and 18th street. 1t
is asserted that the price agreed upon, is
$3.50, ,OOO which Is at the rate of $50 per
square foot. This will be the highest per
foot price ever paid for realty in this Dis
trict; that Is, for plot of ground of rea-
sonable size.
The property has a frontage of SO feet 8
inches on Pennsylvania avenue and 100 feet
on 18th street, and contains 6,9SS square
feet. 1t is stated that the price was fixed
on the basis of $50 per square foot for 1900
square feet, and as the property contains
twelve feet less than that area Mr.. Mclean
Will pay little more than $50 per foot.
The negotiations for the purchase of this
property have, it is said, been under way
for some time, and have been conducted by
Mr. Mclean through the law firm of Car
Isle q Johnson, the attorneys of Mr.. E.
Francis Riggs, owner of the property There
were no brokers in the deal. Mr.. Riggs
gave his counsellors power to act, and the
transaction was closed while he was out of
the city.
Mr.. McLean's Purpose.
1t is not definitely known what Mr.. Nc
Leans plans are in regard to the property
but 1t Is understood he will erect on this
site fine modern office building. In that
event the two-story old-fashioned building,
with walls covered with yellow stucco that
has stood for so many years on that i'm
portant corner in the business section of
washington, Will be removed, as will also
the old one-story building fronting on 10Th
street.
Many years ago this building, which was
the home for so many years Of the bank
ing firm of Riggs & Co., was occupied by
the old United States Bank. 1t became the
property of Geo. w. Riggs and w. W. Cor
coran and at that time included the land
on which the new Riggs Bank building is
now located, as well as a frontage 18th
street, now covered by the recently built
one-story stores. The property continued
to be held by Messrs Riggs and Corcoran,
and 1t was not until four or five years ago
that division was effected, the portion
now occupied by the Riggs Bank and 'front.'
age on 18th street going to the Corcoran
heirs, while the corner became the property
Of Mr.. E. Francis Riggs son Of the late
Geo. W. Riggs Three years ago the Riggs
National Bank bought from the Corcoran
which the present bank building has been
erected, and when that structure was COM
pleted over a year ago the bank was re-
moved from the corner structure, which it
had been occupying as a tenant of Mr..
Riggs, to its new home. Since that time
the corner building has not been occupied.
In this connection it is interesting to note
that the lot on which the new bank build
ing is built Is of about the same dimensions
as the corner lot-53 by 130 feet--but the
former contains only 675S square feet.
For this land in the fall of 1898 the Riggs
Bank paid the Corcoran heirs the sum of
$40, 900, which is at the rate of $50 per
square coot
Buys Riggs Bank Stock.
1t is understood that the agreement Of
Mr.. Mclean to purchase this property also