Search
 

Pennsylvania Firm to Buy, Renovate 480,000-SF Building

WASHINGTON, DC-Preferred Real Estate Investments plans to buy and renovate a vacant 480,000-sf office building overlooking the Anacostia River in Washington, DC, taking advantage of plans to redevelop this dilapidated industrial waterfront.

By Mike Cleary | Updated on October 24, 2000

WASHINGTON, DC-Preferred Real Estate Investments has a contract to buy a vacant 480,000-sf office building overlooking the Anacostia River in Washington, DC. The Conshohocken-based real estate investment firm believes that renovating the former FBI office building will make for a good leasing opportunity, despite the undeveloped, industrial character of the neighborhood at Buzzards Point.

“It’s a neighborhood that’s on the come,” says Eric Kolar, who oversees acquisitions for the firm. “This is a big block of space. There’s an incredible amount of development in the Navy Yard,” he adds.

The upcoming move of the Naval Sea Systems Command from nearby Arlington, VA will add 10,000 workers to the neighborhood soon, and has spurred ground-breakings on three other office buildings in the area. The seven-story building that Preferred plans to buy and rename the Riverview Corporate Center, is well-located at 1900 Half St. SW on a 2.5-acre tract, says Daid Fahey, who works in the firm’s Columbia office. “It’s right on the water with unbelievable views,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.