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JOSS Realty Puts 2233 Wisconsin Ave. on Market

WASHINGTON, DC—Transwestern says it is valued at $39 million and provides an initial annual yield of 6.75%.

By Erika Morphy | erikamorphy | | Updated on May 06, 2016
2233 Wisconsin Ave. 2233 Wisconsin Ave.
WASHINGTON, DC—JOSS Realty has joined the ranks of would-be sellers hoping to cash in while the city’s commercial real estate prices remain in peak form. It has retained Transwestern to market 2233 Wisconsin Ave., NW. The 150,315-square-foot office building is classified as a core-plus asset, or Class B+ office with 20% of its space devoted to street-level retail. It provides an initial yield of 6.75%. Transwestern Executive Managing Director Gerry Trainor, who is the lead agent, explains the opportunity the building offers. “It is strategically positioned in a Class A location with high barriers to entry and offers stable cash flow with upside potential through the lease-up of existing vacancies and the renewal of existing below-market leases to market rates.” Furthermore, he said, the site permits an additional 40,000 square feet of residential development for a longer-term upside. Office and retail rents in Georgetown have increased more than 7% in the last year, according to Transwestern research. As of first-quarter 2016, the Georgetown submarket’s office and retail vacancy rates were 5.3% and 3.6%, respectively – down from the seven-year average vacancy rates of 7% for office and 5.1% for retail. 2233 Wisconsin Ave., NW, is 87.4% leased with an average remaining lease term of approximately five years. Tenants include the administrative arms of Children’s National Medical Center and MedStar Health, multiple embassies and various professional service providers. Retail tenants include Einstein Bros. Bagels, CorePower Yoga, ACE Hardware, Breadsoda Deli and Billiards, Theodores Furniture, and Eivind and Hans of Georgetown Salon and Spa.

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