Post Brothers Purchases DC Office for $67M; Plans Residential Development
It plans to convert the office building into 300 residential units.
Post Brothers has purchased 2100 M Street, a West End office building in Washington DC, for $66.77 million.
Given the existing 300,000 SF building’s irregular shape and deep floor plates, the Post Brothers organization may plan to demolish it or undertake a complex construction project to convert the office building into approximately 300 residential units at an estimated construction cost of $300 million.
Located three blocks south of Dupont Circle, the building was constructed in 1969 and is 100% vacant. It was previously the headquarters for the Urban Institute for nearly 50 years before the organization moved to another location in 2017.
Post Brothers has been active in the D.C. market and last year acquired the Universal Buildings near Dupont Circle for $203 million from JBG Properties. The company then commenced with a $400 million effort to convert 700,000 SF of obsolete office space into approximately 600 multi-family units.