4000 Brandywine St., NW
WASHINGTON, DC—American University has sold three class C office buildings in Tenleytown to the locally-based developer Urban Investment Partners for $45 million. UPI plans to gut and renovate two of the properties into apartment buildings, investing another $75 million in these buildings, all of which are currently occupied.
4000 Brandywine St., NW, a 38,396-square foot office known by many as the WAMU Building, is one of the buildings that will be redeveloped into an apartment. American University housed its radio station there for years, launching the careers of syndicated talk shows hosts Diane Rehm and Kojo Nnamdi. WAMU moved out in early 2013, and AU has been using the building for administrative offices and classrooms. AU will move out in about nine months.
The second soon-to-be-converted property is the former home of TooJays — a 59,996-square foot building at 4620 Wisconsin Ave., NW, that later became Krupin's Deli and then Morty's. AU moved in after Morty's closed in 2010. It will remain in the space for about a year.
4620 Wisconsin Ave., NW
The third property is 4545 42nd St., NW. This 39,299-square foot property looks like individual town homes or row houses, but it is actually a single structure occupied by a mix of commercial tenants. It will stay as a commercial office rental property.
4545 42nd St., NW
CapSource is providing acquisition and construction loans for the Brandywine and Wisconsin Avenue locations. MidCap Mortgage is the lender for 4545 42nd St.
Bobby Meehling and Scott Frankel of CBRE represented the seller in all three transactions.
UIP is already in discussions with residential stakeholders in Tenleytown, including Tenley Main Street and Ward 3 Vision, according to the company's founding partner Steve Schwat.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
