A 65,000-SF Office Building Gets New Owner and New Face

WASHINGTON, DC-The 65,000-sf office building at 1411 K St. has secured a new owner in a recent transaction between a RAB Management affiliate and Meritage Properties, a young company put together earlier this year by one-time Tishman Speyer Properties executive Andrew Nathan. Monetary terms of the deal are unavailable, however, District records indicate that the property has a 2004 assessed value of $9 million. As for what lies ahead for the 44-year-old building in the near future, Meritage and acquisition cohort real estate developer Buchanan Partners LLC plan to invest in a renovation of the property in an effort to reposition it.

“We saw this as a unique opportunity to acquire a solid building in a wonderful location, to replace the facade and renovate the common areas, yet continue to provide an affordable alternative to tenants seeking a K St. address with views of both the Franklin Square and McPherson Square parks,” Buchanan principal Brian Benninghoff explains.