Bernstein's Consortium Capital equity fund is a series of funds assembled to buy, reposition and develop commercial real estate in the mid-Atlantic. The company plans to reposition the building's two-level, 60,000 sf retail space, known as the Esplanade Mall. Currently occupying space within the mall are CVS drug store and Tequila Grill. The company also plans to renovate the 255-space, sub-surface parking garage.

In addition to its repositioning plans, the company plans to provide management services for the building. It is a multi-tenanted, nine-story office complex with approximately 200,000 sf of rentable office space. Office tenants include the US Department of Education, the American Institute for Research and Cahill, Gordon, Reindel law firm.

"We are excited about acquiring this valuable property, which is strategically located and well positioned to capitalize on the continuing stability of the K Street business and retail corridor," said Adam K. Bernstein, president of Bernstein. "This block of K Street has experienced a renaissance over the last few years, with new buildings next door and across the street."