2001 L Street, NW
The property was transformed by relocating its lobby, creating new office and retail space on the first three floors and installing a three story glass curtain wall. All major building systems and common areas were renovated to Class “A” standards.
- The asset was transformed by relocating its lobby, creating new office and corner retail space, and installing a three- story glass curtain wall.
- Negotiated PUD amendment to allow building expansion and façade renovations.
- Secured base building GMP within 2% of pre-acquisition budgeting.
- Leased two floors to the Urban Land Institute for its global headquarters, validating the market acceptance of the redevelopment plan.
- Leased 60% of the building over a 12-month period. 99% occupied at time of sale.
- Sold for $106M in October 2015; less than three years from acquisition.