WASHINGTON, DC—2501 M St., NW, has traded for$31.6 million. The new owner, PRP LLC, plans tocovert the office building into a 60-unit luxury residentialcondominium.
The 100,000-square foot office was sold by theAssociation of American Medical Colleges. PRPacquired the property on behalf of one of its real estate funds inpartnership with an institutional investor.
The condo it plans to build will also include 11,475-square feetof retail space. The plan is to open early sales in 2015 anddeliver finished homes by mid-2016.
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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.
