(Mark Your Calendars. The 11th AnnualRealShare Washington, DCconvenes at the Ritz Carlton, June 1. Click here for moreinformation.)
WASHINGTON, DC-MRP Realty and ASB RealEstate Investments are moving forward with a decision tobuild an entirely new building at 900 G St., NW, instead ofredeveloping it as originally planned. Development is expected tobegin in late summer.
MRP originally planed to renovate the property when it acquiredit in a partnership with a Rockpoint-led JV, butboth firms eventually came to the conclusion that the office marketin DC is strong enough—or will be strong enough—to support a newbuilding when it delivers in mid-2014. The sale of 900 G St., NW toMRP and ASB just closed. “We decided the best approach was to builda new, trophy office building,” Bob Murphy,managing partner of MRP, says in a prepared statement.
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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.
