OVERVIEW
Under-managed and under-built property with embedded demand drivers
Address: 2131 K Street
Location: Washington, DC
Square Footage: 87,924
Investment Profile: Core-Plus
Purchase Date: October 2005
Sale Date: December 2011
Purchase Price: $20,200,000
Sale Price: $28,800,000
INVESTMENT THESIS
Potential User Exit | Additional Density | Superior Light and Views |
GW Hospital and GW University located within two blocks | Ability to add 41,000 square feet as of right | Free-standing corner building with glass line on all four sides and efficient layouts |
EXECUTION
INCREASED FOOTPRINT
Brought lobby, second and third floor to property line, adding 11,000 square feet after execution of lease with new retail tenant
USER GROUP EXPANSION
Expanded both GW Hospital and GW University within building to over 35,000 square feet
BASE BUILDING UPGRADES
Targeted rent impactful capital expenditures including upgraded lobby, elevators, bathrooms and common areas
RESULTS
Sold for $28.8 million (43% above purchase price)
JOSS REALTY PARTNERS LLC
650 Fifth Avenue, Suite 2400
New York, New York 10019
Phone (212) 710-8193
