WASHINGTON, DC—New York City-based Thor Equities has entered the Washington DC market with a contract to purchase 3000 M St., NW, it announced Thursday morning.
The company did not disclose the price but word on the street has the 10-story, 125,000-square foot building trading at $53 million. Locally-based SB-Urban is the seller.
The building was formerly the historic Latham Hotel. It features 280 feet of wraparound frontage on 30th and M streets. Thor Equities is considering redeveloping the top floors into other uses such as a hotel or residential building. The ground floor would remain retail, although that too could be redeveloped to maximize the Georgetown address.
At one time plans called for 3000 M to be converted into micro residential units.
3000 M is a typical purchase for Thor Equities, a spokesperson tells GlobeSt.com. "We tend to look for quality buildings in areas like Georgetown in DC or Fifth Ave., in New York. This is a quality building in a prime location."
"3000 M St.'s location in the heart of Georgetown benefits from the large volume of tourists, students and other pedestrians who regularly visit the neighborhood to shop, eat and play," said Thor Equities' CEO Joseph Sitt, in a prepared statement. "We look forward to enhancing this property to maximize the area's exciting growth opportunities."
A call placed to SB-Urban Thursday morning was not immediately returned.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
