2175 K Street, NW
The building was expanded vertically by three (3) stories and completely renovated while occupied. Leased all of the new space and a portion of the existing space to the European Union for its Embassy under a 15-year lease. Increased rents in balance of building from $40 p.s.f. to $54 p.s.f.
- Successfully negotiated contentious variance settlement with neighboring condominium owners.
- Expanded the building vertically by three stories and fully renovated the core, façade, and major building systems while occupied.
- Leased the new space and portion of the existing space to the European Union for its embassy.
- European Union tenant improvements were completed in parallel with core building improvements to meet an aggressive tenant move-in date.
- Increased rents in the core of the building by 35%.
- Sold in December 2012 for $86.4M; a 6-year investment hold from acquisition.