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Former Extended Stay in Foggy Bottom Trades to Varsity Investment Group

WASHINGTON, DC—Savills Studley has brokered two deals in the Washington DC area in recent days.

By Erika Morphy | erikamorphy | | Updated on May 24, 2016
Savills Studley's Marc Magazine Savills Studley’s Marc Magazine
WASHINGTON, DC—Durant Berkeley Partners LLC, a company led by Donnie Gross of Bethesda-based Varsity Investment Group, formerly Potomac Holdings, has acquired the former 197-room extended stay St. James Suites, from 24th and K Street Associates, LLC. The building is located at 950 24th Street NW, near George Washington University in the District. The university had been leasing the property but the lease is set to expire at the end of May. The property was originally built in 1986 as a short-term corporate housing facility.  Along with the 197 suites, there is underground parking for over 100 vehicles. “This is another good example of the strength of the Washington, DC market and the opportunities it has for savvy investors,” said Savills Studley Executive Managing Director Marc Magazine, who leads the National Hospitality Group.  Savills Studley’s  Bill Quinby represented the buyer in this transaction. IDA Acquires 370,000 SF Site Near Potomac Yard WASHINGTON, DC—Savills Studley has brokered another transaction in the areas, representing the Institute for Defense Analyses in its acquisition of a 370,000-square foot site for the future development of its headquarters. The site is located at 701 East Glebe Rd in Alexandria, VA., one block from the future Potomac Yard Metro Station. The approximately two acre site was purchased from a joint venture of The JBG Cos. and MRP Realty, who are developing a large section of Potomac Yard. Savills Studley’s David Lipson, Art Greenberg and Bie Chu Lee, represented IDA throughout the transaction.

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