OVERVIEW
Well located with immediate repositioning upside
Address: 1129 20th Street
Location: Washington, DC
Square Footage: 127,445
Investment Profile: Opportunistic
Purchase Date: January 2006
Sale Date: February 2007
Purchase Price: $43,300,000
Sale Price: $61,800,000
INVESTMENT THESIS
Prime Location | Repositioning Opportunity | Superior Light and Views |
Located in the Golden Triangle of the Central Business District submarket | Upgrade from Class B to Class A via construction of new facade and common areas and all new building systems during 60% vacancy | Property is free-standing with window lines along all elevations allowing excellent light exposures and views with flexible floor plans |
EXECUTION
ALIGNMENT WITH DEVELOPMENT PARTNER
Partnered with local real estate developer and investor to provide construction/development expertise
OPPORTUNISTIC EXIT
Sold prior to development phase of business plan during period of robust capital markets demand for vacancy and development
INSTITUTIONAL QUALITY MANAGEMENT
Implemented best practices during pre-development process which facilitated quick sale to REIT buyer
RESULTS
Sold for $61.8 million (43% above purchase price)
JOSS REALTY PARTNERS LLC
650 Fifth Avenue, Suite 2400
New York, New York 10019
Phone (212) 710-8193
