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Joint Venture Partnership Pays $190 Per SF for 2100 M Street NW

WASHINGTON, DC-The joint venture partnership of Bernstein Companies Consortium Capital Fund and LMH Realty Group LLC has purchased 2100 M Street NW from 2100 M Street Holdings LP for $56 million.

By Diane Cook | Updated on December 04, 2000

WASHINGTON, DC-A joint venture partnership has purchased a 300,000-sf office building Downtown, according to information released Dec. 4. The partnership of Bernstein Cos.’ Consortium Capital Fund and LMH Realty Group LLC, an affiliate of Lerner Enterprises of North Bethesda, MD, purchased 2100 M Street NW in Washington, DC from 2100 M Street Holdings LP, a division of Louis Dreyfus Property Group Inc., for $56.6 million. This translates to $190 per sf.

Built in 1969 and extensively renovated over the years, the eight-story building has approximately 300,000 sf of space and 213 parking spaces. The new owners plan additional renovations to upgrade common areas and accommodate new tenants. Current lease rates are between $27 per sf and $29 per sf full service. The surrounding area continues to gain prestige with the establishment of new high-quality hotels, residences, offices, shops, and restaurants, particularly the new Ritz-Carlton Hotel and Residences located just two blocks away.

“2100 M Street is an excellent opportunity for our $100-million Consortium Capital Fund, which provides equity funding for value-added commercial real estate projects throughout the mid-Atlantic region,” says Adam K. Bernstein, president of the Bernstein Cos. “This building’s prominent corner location in Washington’s central business district, where the supply of new office space cannot keep up with increasing demand, makes it a very promising investment.”

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