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Silverback Enters DC With Dupont Circle Deal

It has partnered with the Kossuth Foundation to acquire and restore 2001 Massachusetts Ave., NW.

2001 Massachusetts Ave. Photo by Kossuth Foundation

WASHINGTON, DC–New York City-based Silverback Development entered the Washington DC area market last month via a joint venture with the Kossuth Foundation to acquire and restore 2001 Massachusetts Ave., NW. The Kossuth Foundation, which is dedicated to maintaining and encouraging Hungarian-American culture, is the nonprofit charity that is the successor to the previous building owner, the Hungarian Reformed Federation of America.

The new owners of the property declined to discuss pricing, noting that the site has been tied up in litigation and that the acquisition price wasn’t a reflection of the fair market value for the building due to the cost of the lawsuit.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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