WASHINGTON, DC-As GlobeSt.com reported earlier, American Real Estate Partners and the Davis Cos., have snapped up two office properties in the District’s CBD, in its Golden Triangle submarket. The two have purchased 1140 and 1146 19th St., for a total of approximately $40 million.
The two buildings, a value-add play for the buyers, total 111,348 square feet. They are situated in one of Washington, DC’s Transferable Development Rights Receiving Zones and can add up to approximately 60,000 square feet of additional space. American Real Estate Partners CEO Doug Fleit declines to discuss renovation costs, including the possibility of combining the sites into one, because the companies are considering two different plans.
Whatever the renovations will be, they will include a new streetscape and upgrades to the common areas of the building, he says. “These are two little jewel boxes in the heart of the District. We plan to renovate them and bring them back to first class status.” American Real Estate also recently acquired two office buildings in the Richmond, VA and Baskin Ridge, NJ markets: Riverside on the James, and Westgate I, which traded for $63.7 million and $67 million, respectively.
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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.
