One Street Buys Georgetown Office-to-Resi Conversion Site for $29M

A DMV-based real estate firm has acquired the former headquarters of a legal nonprofit along the waterfront in Washington, D.C.’s ritzy Georgetown neighborhood, with plans to convert the building into residences.

One Street Commercial Properties acquired the 69,754-square-foot 3333 K Street NW for $29.3 million, according to property records. One Street landed a $16 million loan from G4 Capital Partners for the acquisition.

The details regarding the size and construction timeline for One Street’s conversion were not immediately clear. Representatives for One Street did not immediately respond to a request for comment.

An affiliate of Legal Services Corporation (LSC), a publicly funded nonprofit created by Congress in the 1970s to provide civil legal aid, sold the property to One Street. LSC had previously occupied the property as its headquarters, having purchased it in 2002 for $14.2 million, records show. The nonprofit in 2023 announced its plans to leave its former HQ for a new 37,700-square-foot home at Tishman Speyer’s International Square in Downtown D.C.

CBRE’s Manny Fitzgerald, John Sheridan, Harry Stephens and Charlie Mangold, along with Clear Real Estate Services’ Chip Ranno, represented the LSC affiliate in the deal for 3333 K Street. McClean Partners represented One Street. 

Few other office-to-residential projects are slated for conversion in Georgetown. An affiliate of Related Companies last fall purchased a 124,000-square-foot office building just east of One Street’s new project for $16.5 million, and plans to convert at least some of the space into housing.

Also, an affiliate of Potomac Investment Trust is planning its own roughly 300-unit conversion of 1000 and 1050 Thomas Jefferson Street NW less than half a mile east of 3333 K Street. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.