WASHINGTON, DC-The American Enterprise Institute is acquiring 1785 Massachusetts Ave., NW—home of the National Trust for Historic Preservation—for an undisclosed price. The transaction is in the due diligence phase. As part of the transaction, the building will be protected by a historic preservation easement covering the exterior and major interior architectural features.
Built in 1917, the building is a historic landmark. It was purchased and renovated by the National Trust in 1977 and has served as the group's headquarters since 1979. In between those years, the beaux arts Dupont Circle building served as a luxury apartment complex.
The National Trust is currently searching for another historic building for its new headquarters. AEI has tapped architectural firm of Hartman-Cox, which has worked on such preservation projects as the Smithsonian Institution National Portrait Gallery and Smithsonian American Art Museum and National Archives. The National Trust was represented by CBRE; AEI was represented by Jones Lang LaSalle's Greg Lubar.
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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.
