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A joint venture real estate operation, comprising Monument Realty and Angelo, Gordon and Co, has acquired the majority of the property, though parts of the ground floor are to be retained by Verizon.
The new owners are confident of the potential the site in Washington’s central business district offers and are now planning to make the office space available for lease.
Doug Olson, executive vice president at Monument Realty, noted that there are relatively few areas of available office space in Washington DC that cover 30,000 sq ft or more and suggested that once renovated the building will “offer a compelling market alternative”.
Offering his opinion on the purchase, Michael Darby, who founded Monument Realty in 1998, said: “Buying 100,000 sq ft of vacant space might seem aggressive, but we purchased the building at a good price and are confident that there will be a great deal of demand at the rents we will be asking.
“Monument is actively searching for new opportunities and will be doing more deals of this type in the coming months,” he added.
Various options on how to develop and improve the newly-acquired Washington DC office building have been retained by the joint venture, and there could yet be several hundred thousand square feet of rentable space added to it in years to come.
The property was initially constructed in 1963 and is located at 2055 L Street in what is known as Washington’s Golden Triangle, between the White House and Dupont Circle.
Editor’s notes: The 250,000 square foot 2055 L Street was successfully renovated and repositioned with the project completing in 2014.