WASHINGTON, DC–An affiliate of Rubenstein Partners is taking a majority stake in 111 K St., NE, in the NoMa/Capitol Hill submarket.
J Street Properties originally developed the 11-story, approximate 90,000-square foot building in 2010 as an office condo project. While it did sell a few floors — the Student Affairs Administrators in Higher Education purchased the 10th floor, for example and the American Bus Association bought a floor as well — the majority of the building was still vacant in 2012 when New Boston Fund acquired the remaining space with plans to position it as a traditional office. Its marketing has been aimed at small-to-medium sized nonprofits and associations.
Rubenstein says it will be purchasing or controlling the condominium portion, which is now 80% of the property square footage. A ground floor fast casual restaurant is also expected to open shortly after Rubenstein's purchase.
Once the deal closes, Rubenstein plans to rebrand the building, says Steve Evans, regional director, in a prepared statement. The company will enhance the existing amenities with “physical upgrades, better technology and more comprehensive tenant concierge services.”
It also is planning a new marketing campaign to the real estate community, he said.
There are three floors that are empty, which can be leased to full or partial-floor tenants, he said.
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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.
