WASHINGTON, DC–The Georgetown Co., based in New York City, and international real estate investor Meadow Partners, have partnered for the first time to buy a property in the southwest submarket of the District: 370 L'Enfant Promenade. They paid $127 million for the 10-story, 405,000 square foot office, according to news accounts.
The building is currently 70% leased to tenants, including Accenture, Battelle, the Smithsonian Institution and the Federal Aviation Administration. Recently the Federal Bureau of Prisons signed a 113,000 square foot lease for the agency's administrative offices and is expected to move into their space in early 2018.
To stay competitive with newer buildings in the area, Georgetown Vice President Peter Armstrong tells GlobeSt.com that the company plans to aggressively lease the remaining space once planned renovations are made to the property. These include new HVAC systems, new elevators, and updated elevator lobbies and bathrooms and a revamped tenant-only gym. Armstrong declined to discuss asking rates with GlobeSt.com.
Georgetown Co. has been investing in Washington DC since 2013 and it owns two apartment buildings in Dupont Circle, a condominium and now an office. Armstrong says the company is always open for additional investment opportunities. “We are opportunity driven.”
The southwest area in particular is ripe for investment right now, he adds. “We bought a building that is the best located in the neighborhood” — among other facts it is across the street from L'Enfant Metro Station, he notes.
“We plan to attract tenants based on our location, competitive rental rates and the upgrades,” he says.
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.
