One Street Secures $38M Loan for D.C. Office-to-Condo Conversion

One Street Commercial Properties has secured $37.8 million in financing to convert a vacant office building in Washington, D.C., into luxury condos.

OakNorth and Hickory CRE Lending provided the loan for the redevelopment of 3333 K Street NW, a 70,000-square-foot former office building on the Georgetown waterfront. One Street acquired the property for $19 million in May 2025, records show. 

Built in 1988, 3333 K Street sits between the C&O Canal and the Potomac River. D.C.-based One Street plans to add a sixth floor and convert the property into 22 condominiums, including two affordable units, along with ground-floor retail space. Plans also call for a 24-hour concierge, valet parking, a fitness center, a swimming pool, and a resident lounge and club room.

The financing adds another office-to-residential conversion to D.C.’s development pipeline while many obsolete office properties go underutilized since the pandemic. 

One Street has more than $250 million in assets under management and has completed more than $500 million in development over the past eight years, including adaptive reuse projects in the D.C. market. OakNorth has provided more than $23 billion in loans since it launched in 2015.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.