WASHINGTON, DC—First Potomac is planning to make some renovations to one of its newly-acquired assets: 1401 K St., NW, or The Tower Building as it is sometimes called.
The REIT acquired the 117,093-square foot office earlier this year for $58 million. It is one of the first art-deco office buildings in the city and included in the National Register of Historic Places. At the time of its sale, in April, it was 88% leased to 22 tenants.
First Potomac is planning upgrades to the building's restrooms, lobby, storefront, elevator cabs, and fitness center.
CBRE, the leasing agent for the building, says the renovations will aid in the lease up efforts. "Refurbishments that respect and highlight its historic integrity, while creating contemporary office features, will make 1401 K ideal for organizations seeking distinction and visibility," said First Vice President Mark Klug in a prepared statement.
Built in 1929, the 12-story Tower Building offers tenants, among other advantages, a coveted K Street address with direct elevator access.
CBRE's Max Friedman and Abigail Todd are collaborating with Klug in representing First Potomac.
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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.
