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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 will be retained by Verizon.
The new owners are confident in the site’s potential in Washington’s central business district 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, D.C. that cover 30,000 square feet 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 square feet 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 for developing and improving the newly acquired Washington, D.C. office building have been retained by the joint venture, and there could still be several hundred thousand square feet of rentable space added to it in the years to come.
The property was constructed in 1963 and is located at 2055 L Street in Washington’s Golden Triangle, between the White House and Dupont Circle.
Editor’s notes: The 250,000-square-foot building at 2055 L Street was successfully renovated and repositioned, with the project completed in 2014.
Structural engineers on the project SK&A created a single-story, 103,000-square-foot addition framed in steel, incorporating the existing penthouse into the new office level.
The end result was a total building area of 258,000 square feet.