DC Boutique Office Building Trades for $59M
Tritower Financial Group has acquired 1717 Rhode Island Avenue NW, a 157,050-square-foot boutique office building in the heart of downtown Washington, D.C., for $58.5 million, Commercial Observer has learned.
“Tritower is thrilled to acquire this unique asset as its first investment within the District,” Tod Brainard, Tritower’s chief investment officer, said in a prepared statement. “We thank BGO for its extraordinary cooperation in selling the property during this global pandemic. We plan to position the asset as the leading tech-oriented destination within the vibrant DuPont Circle market and will seek improvements including a reimagined lobby and expanded fitness center.”
The 10-story building boasts a two-story lobby, private terraces on the upper floors, a fitness center and a three-level parking garage.
At the time of the sale, the property was 86 percent leased with a tenant roster that includes Steve Case’s Revolution, The Case Foundation and Uber, which uses the property as its East Coast hub.
The property is located on approximately one acre, adjacent to the historic Cathedral of St. Matthew the Apostle at the confluence of Rhode Island Avenue, Connecticut Avenue and M Street. It’s also near three Metrorail stations.
The JLL capital markets investment sales advisory team representing the seller was led by Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker.