Lion Building To Be Repositioned Into Class B With Spec Suites

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.

“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.