Adrian Maties, Associate Editor
There’s a new player in the D.C. real estate market. Thor Equities, a New York City-based private real estate equity firm, announced this month that it has signed a contract to acquire its first property in the region.
The company’s target is the former 133-key Latham Hotel at 3000 M St. NW in Georgetown. This 10-story, 125,000-square-foot corner building features 280 feet of wraparound frontage on 30th Street and M Street, and Thor Equities plans to redevelop it into a premier flagship location. The hotel closed in 2012 due to severe water damage.
Although the New York-based company did not reveal any other details about the transaction, the Washington Business Journal reported that the sale price is roughly $53 million, or $424 per square foot. If the information is correct, that the property could trade for nearly twice its market value, which, according to PropertyShark, is about $30 million. The seller is an affiliate of Bethesda-based SB-Urban LLC.
“3000 M Street’s location in the heart of Georgetown benefits from the large volume of tourists, students and other pedestrians who regularly visit the neighborhood to shop, eat and play,” Joseph Sitt, CEO of Thor Equities, said in a statement. “We look forward to enhancing this property to maximize the area’s exciting growth opportunities.”