Opinion ID: 2299178
Heading Depth: 2
Heading Rank: 3

Heading: The Phillips Offer

Text: In entering judgment for Phillips, the trial judge applied the definition of a bona fide offer of sale articulated in this opinion. It remains for us to determine, therefore, whether her finding that Phillips' offer met the statutory definition is supported by the record. See D.C.Code § 17-305 (2001). We hold that it is. The judge considered, as she was obliged to, the specific circumstances of this case. See DCM Inv. Corp. v. Pinecrest Inv. Co., 34 P.3d 785, 789 (Ut.2001). She found that Phillips' offer of sale to the Tenants' Association was based upon an objectively fair analysis of the value of the property to Phillips based on its intended use. As opposed to being turned into condominiums or into a retail development, which might have a more easily ascertainable tangible financial value to the owners, the 1618 property had a unique value to Phillips because the space was located adjacent to the existing building and would provide more space for its collection by creating the Art Study Center. Phillips realized that if it was unable to use the 1618 property for this intended purpose, it would have to acquire a property with characteristics that gave the 1618 property its unique value. For example, Phillips needed a building that was in close proximity to the 1600 lot, which would provide for expansion and easy access between the two buildings, and that had sufficient square footage and was zoned in a suitable manner. The Phillips found such a building at 2012 Massachusetts Avenue, N.W., which Phillips believed it could acquire for $7.8 million after discussions with the owners. Therefore, based on this assessment, Phillips offered the 1618 property to the tenants for $7.8 million. This offer was made after Phillips carefully considered all available options and was based on concrete facts. Given the unique circumstances that exist in this case, the trial judge did not err in finding that Phillips' offer was made in good faith and was thus a bona fide offer of sale under the statute. Therefore, the judgment of the trial court is affirmed. So ordered.