The Lion Building
WASHINGTON, DC–More details have come out about how the new owners of the Lion Building, the New York-based GreenOak Real Estate and MRP Realty, will handle their new asset. The companies, in a joint venture, acquired 1233 20th St. from JBG SMITH for $65 million.
The Lion Building is a 157,000-square-foot office building, located in the CBD.
MRP has announced it will immediately begin renovations to reposition the property into an amenitized Class B asset. The plan to take advantage of the demand for Class B office buildings in a market where that product inventory is decreasing.
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“The Lion Building is ideally situated in a vibrant retail and restaurant corridor with multi-modal transportation options,” said Lauren Bosso, Vice President, Acquisitions and Investments with MRP Realty.
Among the changes MRP plans to develop spec-suites.
HFF represented the seller in the deal and helped arrange a $47.6 million loan for the property's acquisition.
The HFF team representing the seller included Jim Meisel, Andrew Weir, Matt Nicholson and David Baker.
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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.
