WASHINGTON, DC—2501 M St., NW, has traded for $31.6 million. The new owner, PRP LLC, plans to covert the office building into a 60-unit luxury residential condominium.
The 100,000-square foot office was sold by the Association of American Medical Colleges. PRP acquired the property on behalf of one of its real estate funds in partnership with an institutional investor.
The condo it plans to build will also include 11,475-square feet of retail space. The plan is to open early sales in 2015 and deliver finished homes by mid-2016.
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