Condo Office Deals Creeping Into DC

WASHINGTON, DC-The District has never had much of a robust office condo market, for various reasons. Now, though, there are small signs that things are starting to change. The most recent example is provided by a joint venture between Potomac Development Partners and Lowe Enterprises Real Estate Group-East. The duo are planning to redevelop its recent $24.3-million acquisition of the NFL Players Association headquarters, a 53,925-sf building located at 2021 L St., into office condos that will deliver in August 2008.

Woodmark Commercial Services LLC will handle the sales, once the renovations, which are expected to be more than $10 million, are complete. Once the condos are ready to market, the asking rate will be $600 per sf, Geoffrey Kieffer, principal of Woodmark Commercial Services, tells GlobeSt.com.

The renovation will add two additional floors and expand the lower levels of the building, increasing the building’s space to 79,000 sf. Floor plans will range from 7,200 sf to 8,600 sf. Lowe Enterprises will manage the renovation, which is being done by Davis Construction. Hickok Cole Architects is providing the design.