{"id":1004165851,"date":"2017-02-02T07:33:28","date_gmt":"2017-02-02T15:33:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165851"},"modified":"2022-12-08T19:53:10","modified_gmt":"2022-12-09T03:53:10","slug":"downtown-washington-office-asset-changes-hands-for-75m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-washington-office-asset-changes-hands-for-75m\/","title":{"rendered":"Downtown Washington Office Asset Changes Hands for $75M"},"content":{"rendered":"

By Mihaela Coste<\/em><\/p>\n

\"1901<\/a>

1901 L Street, Washington, D.C.<\/p><\/div>\n

Washington, D.C.<\/strong>\u2014The Meridian Group recently announced that it has acquired an eight-story, 132,372-square-foot office building in the central business district of Washington. 1901 L Street NW was bought off market from New York Life for $75 million.<\/p>\n

Meridian plans major renovations, including three new floors, a new lobby, a new fa\u00e7ade, new HVAC and elevator systems as well as an exclusive tenant-only indoor-outdoor penthouse space, fitness center and a conference center. Fox Architects will lead the revamp,\u00a0and upon completion, the size of the asset will increase to 206,000 square feet.<\/p>\n

Located at 1901 L Street on a 0.4-acre site at the northeast corner of 19th Street, the asset is easily accessible by car or four different metro lines, being within walking distance of the Farragut North and Farragut West Metro stations.<\/p>\n

\u201cWith its exceptional corner location in the heart of the CBD, this acquisition has tremendous potential to add value,\u201d said Gary Block, chief investment officer of Meridian, in a prepared statement. \u201cIt is an outstanding opportunity to reposition and renovate this building into a trophy asset.\u201d<\/p>\n

According to Yardi Matrix data, the 1901 L Street NW originally built\u00a0in 1978 features standard and high ceilings, subterranean parking spaces and an office load factor of 15 percent. The asset last traded in 2005 for $51.5 million.<\/p>\n

The property is currently 73 percent occupied, the tenant roster including retailers such as Staples and Sweetgreen on the first floor and a mix of 15 office tenants.<\/p>\n

\u201cWe expect considerable interest from tenants as 1901 L Street is transformed by the renovation,\u201d added Bruce Lane, executive vice president & managing director of Meridian. \u201cLeasing brokers consider this one of the best intersections in downtown DC.\u201d<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The new owner plans major interior and exterior renovations, which will increase 1901 L Street NW’s size to 206,000 square feet.<\/p>\n","protected":false},"author":1192,"featured_media":1004165852,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21783,11,21742,21747,1615],"tags":[33816,33280],"class_list":["post-1004165851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-new-york-life","tag-the-meridian-group"],"acf":[],"yoast_head":"\nDowntown Washington Office Asset Changes Hands for $75M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/downtown-washington-office-asset-changes-hands-for-75m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Washington Office Asset Changes Hands for $75M\" \/>\n<meta property=\"og:description\" content=\"The new owner plans major interior and exterior renovations, which will increase 1901 L Street NW's size to 206,000 square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/downtown-washington-office-asset-changes-hands-for-75m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-02T15:33:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:53:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/1901-L-Street-Washington-D.C..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mihaela Coste\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/downtown-washington-office-asset-changes-hands-for-75m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/downtown-washington-office-asset-changes-hands-for-75m\/\",\"name\":\"Downtown Washington Office Asset Changes Hands for $75M - 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