Rubenstein Partners Buys Stake in DC Trophy Building
The company cashed out $27.5 million for an 80 percent stake and plans to modernize the office property through a series of building and tenant service upgrades.
By Corina Stef
111 K St., Washington, D.C.
New Boston Fund Inc. has sold an 80 percent stake in a 90,000-square-foot Washington, D.C. premier office building. Rubenstein Partners paid $27.5 million for the share and plans to invest in capital improvements and reposition the asset through system upgrades and improved tenant concierge services.
“The bones of the building provide a great starting point for Rubenstein’s rebranding efforts,” Rubenstein Regional Director Steve Evans said in a prepared statement. “We plan on dramatically improving the building’s recognition to the real estate community through better marketing and a focus on leasing the remaining three floors of vacancy to full and partial floor tenants.“
Property Features
The Gensler-designed property was completed in 2010 and is divided into multiple office condominiums. Amenities include floor-to-ceiling glass walls, a rooftop terrace, two conference centers, fitness center, garage parking and an upcoming ground-floor fast casual restaurant.
The asset sits at 111 K St. NE, in the city’s busy NoMa/Capitol Hill submarket. The highly transited Union Center is located two blocks away, while the Metrorail, MARC, VRE, Amtrak and Streetcar services provide tenants with multiple transportation options. The diverse roster of tenants encompasses non-profits, associations and other business service sectors.
According to public records, the facility previously changed hands in 2012, when New Boston Fund acquired it from J Street Development for $22.9 million.
In a recent deal, Rubenstein acquired a 19-building office park in Indianapolis.
Image courtesy of Rubenstein Partners
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