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WASHINGTON, DC-MRP Realty and ASB Real Estate Investments are moving forward with a decision to build an entirely new building at 900 G St., NW, instead of redeveloping it as originally planned. Development is expected to begin in late summer.
MRP originally planed to renovate the property when it acquired it in a partnership with a Rockpoint-led JV, but both firms eventually came to the conclusion that the office market in DC is strong enough—or will be strong enough—to support a new building when it delivers in mid-2014. The sale of 900 G St., NW to MRP and ASB just closed. “We decided the best approach was to build a new, trophy office building,” Bob Murphy, managing partner of MRP, says in a prepared statement.
The nine-story building will be approximately 112,000 square feet, sporting a glass curtain wall and designed to LEED Gold construction. Eastdil Secured arranged for the sale of the majority stake of the building, designed by Gensler. MRP did not return a call to GlobeSt.com in time for publication.
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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.
