WASHINGTON, DC-MRP Realty and equity partner Rockpoint Group have put their mixed-use project—Washington Harbour—on the market for sale and have retained HFF to market the twin-tower high-rise project to investors.
Located along the Potomac River in Georgetown neighborhood, the Arthur Cotton Moore-designed project consists of two freestanding Class A towers totaling 557,961 square feet of office and retail space. HFF's Stephen Conley, Jim Meisel, Andrew Weir and Dek Potts serve as the exclusive agent for Washington Harbour. MRP Realty is headquartered in Washington, DC, while Rockpoint bases its operations in Boston.
The property, located at 3000 and 3050 K Streets, NW is currently 96% leased to 26 tenants, including the law firms of Foley & Lardner and Kelley Drye & Warren, as well as the communications and advertising firm of GMMB Inc. These three firms occupy more than 374,000 square feet of the project through 2022 and beyond.
The building owner has invested $50 million in renovations and upgrades to the complex geared at creating a new retail and street level experience. Key components of the capital improvement program have included a new fountain with programmable light and water shows up to 70 feet in the spring and summer, and a 12,000-square-foot ice-skating rink in operation during the fall and winter months. Restaurants Tony & Joe's Seafood Place, Nick's Riverside Grill and Farmers Fishers Bakers have been fully renovated with designs by Gensler. In addition to Sequoia, a new Fiola Mare will be opening in November.
“It is an irreplaceable asset with stable cash flows and long-term, credit tenancy,” says Conley, executive managing director with HFF. “This is precisely what core buyers are looking for in today's capital markets.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
