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WASHINGTON, DC-A joint venture partnership has purchased a 300,000-sf office building Downtown, according to information released Dec. 4. The partnership of Bernstein Cos.’ Consortium Capital Fund and LMH Realty Group LLC, an affiliate of Lerner Enterprises of North Bethesda, MD, purchased 2100 M Street NW in Washington, DC from 2100 M Street Holdings LP, a division of Louis Dreyfus Property Group Inc., for $56.6 million. This translates to $190 per sf.

Built in 1969 and extensively renovated over the years, the eight-story building has approximately 300,000 sf of space and 213 parking spaces. The new owners plan additional renovations to upgrade common areas and accommodate new tenants. Current lease rates are between $27 per sf and $29 per sf full service. The surrounding area continues to gain prestige with the establishment of new high-quality hotels, residences, offices, shops, and restaurants, particularly the new Ritz-Carlton Hotel and Residences located just two blocks away.

“2100 M Street is an excellent opportunity for our $100-million Consortium Capital Fund, which provides equity funding for value-added commercial real estate projects throughout the mid-Atlantic region,” says Adam K. Bernstein, president of the Bernstein Cos. “This building’s prominent corner location in Washington’s central business district, where the supply of new office space cannot keep up with increasing demand, makes it a very promising investment.”

Bernstein is one of Washington, DC’s oldest real estate development, investment, and management organizations. Founded over 60 years ago, it has been involved in transactions exceeding $1 billion, and currently holds a commercial portfolio of more than 40 properties including office buildings, apartment complexes and hotels.

Principals Jonathan Morris and Michael Hillman recently formed LMH REALTY GROUP LLC, an affiliate of Lerner Enterprises. Lerner Corp., an affiliate of North Bethesda, MD-based Lerner Enterprises, is a real estate management and leasing company. Lerner Corp. leases and manages more 10 million sf of commercial, office, and retail space and 6,000 multifamily units.

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