Jemal refused to comment on the purchase price "until it is public record." The deal took place in mid-February and is expected to close later in March. "I felt it was a fair deal," says Jemal. He plans to combine the space with three adjacent properties in his significant Washington portfolio to create a sprawling office complex with retail space.

Jemal acquired the property from the District's The Bernstein Cos. and The Clover Cos. of McLean, VA. The two firms owned the property since 1997 and had planned to erect an office building on the space, but those plans were not completed after demolishing the building and leaving its historic façade in 2000. With Jemal's proposed building and other projects currently being developed in the F Street vicinity, city officials are expecting a more active atmosphere to develop in this area near the MCI Center.