DC Office Building to Get “Bold and Edgy” Transformation
Network Realty Partners and Meadow Partners will begin a major renovation on 2100 M Street NW, an 11-story office building in Washington, D.C., that the joint venture acquired in September for $92.5 million, according to the Washington Business Journal.
The owners submitted renovation plans of the current 300,000-square-foot building to expand to 420,244 square feet and hope to start work this summer.
“At the time we bought the building, we had put in place a $185 million acquisition and construction loan, so we are barreling forward with all of our financing in place,” Bill Morris, Network Realty’s co-founder and managing partner, told Commercial Observer.
Originally built in 1969, with the entrance lobby completely renovated in 1998, the building is struggling to compete with newer properties in the area, and recently lost its anchor tenant to new space near L’Enfant Plaza.
“Presently, the story is eight stories and we will be adding three new floors to the top of the building,” Morris said. “We will also be expanding out 60 feet out to the corner of 21st and M Street.”
The redevelopment plan also includes seven new outdoor terraces; a 25-foot clear retail space on M Street; full-height windows; new high‐speed elevators and updated MEP & life safety systems.
“When we are done, the building will be 11 floors plus a rooftop penthouse facility,” Morris said. “Floors two through eight will be about 40,000 square feet and the three new floors will be about 30,000 square feet each. We will also have about 49,000 square feet of retail on the lower level.”
The joint venture has retained Morris Adjmi Architects to oversee the overhaul of the property.
“What we’re trying to do is something different than what presently exists in downtown Washington,” Rod Lawrence, Network Realty’s co-founder and managing partner, told CO. “We want something bold and edgy, something that has a high degree of materiality to it, and something frankly more inspiring than some of the commodity project that exists in downtown.”
Construction is set to start in July and tenant occupancy is slated for the second quarter of 2022. Morris said he is optimistic that things will begin on time.
Lincoln Property Company is handling property management, Avison Young is doing office leasing and Dochter & Alexander Retail Advisors is charged with retail leasing.