WASHINGTON, DC-The National Restaurant Association has acquired a 60,855-square foot office condo at Monument Realty’s Golden Triangle retail-and-office building located at 2055 L St., NW. The association paid $23 million, a price that reflects the addition of an eighth floor, whose construction costs clocked in at about $350 per square feet, according to Michael J. Darby, principal of Monument Realty.
2055 L St. is a 240,000-square foot building that was owned and occupied by Verizon until December 2010 when the company sold a condominium interest in the top three floors and 2,700 square feet of ground floor retail to Monument. Verizon retained the bottom four floors for its own use, primarily to house such equipment as switches. Monument manages the entire property and controls the common areas, including the main lobby, garage and elevators.
Shortly after its purchase, Monument began a major renovation of the building, including the addition of a new fac¸ade and the installation of a new retail storefront. This delivered in December 2011. Meanwhile, in November of that year Monument inked a lease with NRA, which included an option to purchase its premises on the 7th floor and the to-be-constructed 8th floor. Manny Fitzgerald of CBRE represented NRA and Doug Olson of Monument represented Monument.
Washington, DC-based Nelson Architects were called in to integrate the new floor with the existing structure and construction, which was completed in mid-December, was provided by the James G. Davis Construction Co.
There are two other floors available in the building and they both are likely to be off the market soon, Darby says. “We hope to announce a lease of one floor and a potential sale of another.” The building will be fully occupied if both deals go through.