Search
 

Embassy of Portugal Purchases 2012 Mass Ave. for $6.8M

WASHINGTON, DC-The century-old building at 2012 Massachusetts has been sold to the Embassy of Portugal for $6.8 million. Its previous owner, the Business and Professional Women USA organization, is searching for a new home but will continue to use the 16,000-sf building as its headquarters free-of-charge until Aug. 15.

By Barbra Murray | Updated on March 01, 2002

WASHINGTON, DC-The Business and Professional Women USA organization has sold its 16,000-sf national headquarters to the Embassy of Portugal for $6.8 million, a figure nearly three times the District’s current assessed value of the property, and $350,000 more than the property’s appraised value. BPW/USA is currently on the lookout for a new location.

“The Embassy of Portugal owns it and we are now their tenants,” BPW/USA CEO Jane Smith tells GlobeSt.com. Riggs Bank financed the loan for the Embassy of Portugal, which will likely hold on to its current headquarters at 2125 Kalorama Rd. to use for other purposes. BPW/USA will stay in the Embassy Row-area building–which it has called home since 1956–free of charge until Aug. 15, when it will move to a yet-to-be-determined location. The structure is one of Washington’s grand old converted homes. Once known as the Joseph Beale House, it was built in 1897 and designed by architect Glenn Brown. BPW/USA temporarily vacated the headquarters in 1989 when the building underwent a major refurbishing.

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.