BlackRock Sells D.C. Office at a Discount After Almost 20 Years

The new owners of a 152,000-square-foot office property in Downtown Washington, D.C., plan to make significant renovations after acquiring the asset from one of the world’s largest investment management firms.

Taicoon Property Partners put down $26.7 million to buy the office building at 1899 L Street Northwest from investment company BlackRock, property records show. The seller acquired the asset for $43.7 million in 2004.

Stream Realty Partners on Thursday announced the deal and subsequent improvement plan after representing Taicoon on the acquisition of the building, which sits along 19th Street’s “Restaurant Row.” Taicoon plans to update the building’s façade, restrooms and common areas and redesign the ground-floor storefronts. 

The property’s amenities and infrastructure will also see a “comprehensive modernization,” according to the announcement. The L Street property previously underwent renovations in 2022 that updated its lobby and added a conference center, fitness area and bike room. 

“This repositioning underscores our commitment to fostering a vibrant community and premier space-making for businesses and professionals,” Hai Chien Wang, Taicoon’s CEO and co-founder, said in a statement.

Taicoon also bought the former headquarters of the nonprofit Air & Space Forces Association in Arlington in 2023, Stream said on its website. Wang’s LinkedIn profile shows he helped launch Taicoon in early 2023 after a 15-year career at Sentinel Real Estate.

Stream will serve as Taicoon’s leasing agent, the statement said.