Investor Sinks $185M into Washington Harbour Purchase

WASHINGTON, DC-Following a lively and competitive bidding process, ownership of Washington Harbour, the over 537,000-sf waterfront mixed-use complex at 3000-3050 K St., has changed hands in a recent $185 million deal. Greenwich, CT-headquartered Broadway Real Estate Partners LLC acquired the property from San Francisco, CA-based Shorenstein Cos.

The approximately $350 per-sf price tag is indicative of the Washington, DC area’s continually thriving office market despite the less than favorable economy; a factor that has grown increasingly attractive to both domestic and international investors. “Broadway has a focused investment strategy–we target strong markets and stable rent-rolls,” says real estate investment firm Broadway Partners’ founder and CEO Scott J. Lawlor. “Washington Harbour fulfills these criteria.”

Situated on five acres along the Potomac River in the popular Georgetown area, Washington Harbour is comprised of 464,000 sf of office space contained in two buildings that are connected via a boardwalk, and 73,000 sf of retail space that also accommodates six restaurants. In addition, the property features a two-level subterranean parking garage facility. Shorenstein acquired Washington Harbour from Crescent Real Estate Equities in 2001 for $165 million.