Located in the heart of Georgetown, the freestanding, five-story, 50,000-square-foot property was previously occupied by the American Trial Lawyers Assoc. It also has two levels of underground parking--essential for any hotel in space-constrained Georgetown.
David Stern, a principal with ICG tells GlobeSt.com there were a couple of options for this property, including hotel. With a high-end flag now in the pipeline, it is likely that a hotel will be the ultimate use for this building. Stern declined to disclose the name of the prospective operator other than to say it doesn't have a presence in the DC market and that its brand is focused on cultivating long-term customer relationships. He declined to discuss financing as well.
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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.
