3000 M is a typical purchase for the New York City-based Thor Equities -- that is, buildings in high-end areas such as Georgetown in Washington DC or Fifth Ave., in New York. For example, last month it sold 693 Fifth Ave. in Midtown Manhattan, home to the flagship location of luxury retailer Valentino, to a French investor for $525 million.

WASHINGTON, DC-Thor Equities has closed on its acquisition of 3000 M St., a 125,000-square foot building with 280 feet of wraparound frontage on 30th street and M street for $53.35 million. The 10-story property, which is the former Latham Hotel, went under contract in September 2015. The seller is locally-based SB-Urban.

Thor Equities plans to redevelop the retail space along the M street side, with up to 27,000 square feet on the ground, lower and second levels. A spokesperson for the company told GlobeSt.com that major retail brands have expressed interest in the project and are looking at the space.

The company is also repositioning a portion of the property into a luxury boutique hotel with up to 100 rooms, a high-end restaurant, and additional food & beverage space.

“3000 M Street will help meet the growing demand for prime retail, restaurants and hotels in Georgetown, which continues to be affected by the limited availability of existing space in the area,” Thor Equities CEO Joe Sitt said in a prepared statement.

3000 M is a typical purchase for the New York City-based Thor Equities -- that is, buildings in high-end areas such as Georgetown in Washington DC or Fifth Ave., in New York. For example, last month it sold 693 Fifth Ave. in Midtown Manhattan, home to the flagship location of luxury retailer Valentino, to a French investor for $525 million.