2001 L Street, NW

Washington, DC

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.