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$40M Upgrade of 300,000-SF Class B Office Begins

WASHINGTON, DC-The 300,000-sf office building at 1110 Vermont Ave. is about to get a facelift, as construction commences on a $40-million renovation of the property. Majority owners of the building paid $82 million for their stake in the 27-year-old building last year.

By Barbra Murray | Updated on March 01, 2006

WASHINGTON, DC-The renovation of the office building at 1110 Vermont Ave. NW has gotten under way, initiating a process that will convert the 300,000-sf class B facility into a class A office property. The 27-year-old structure is owned by a joint venture involving GMAC Institutional Advisors, Perseus Realty and Stillman Group.

Buying from Stillman last year, GMAC acquired a majority interest and Perseus, already a minority interest holder, increased its stake in the property for $82 million. Property developer Stillman was left with a minority interest. The building’s transformation, spearheaded by Studios Architecture, will cost the owners about $40 million. “We envision a bold, progressive building that takes commercial architecture forward in the city, rather than relying heavily on the past,” says Perseus Realty president Bob Cohen.

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