X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC—If PRP LLC’s plans to convert its newly-acquired office building at 2501 M St., NW into a luxury residential condo sound vaguely familiar that is because the transaction is part of a growing trend in the area. Increasingly, office buildings are being acquired with an eye to being redeveloped into another use, typically apartments or condos but occasionally schools or hotels. There have been 19 such acquisitions in DC and surrounding environs in the last few years, with a few outliers having occurred in 2004 and 2005, according to JLL who tallied up the transactions.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.