1211 Connecticut Ave, NW

Connecticut Avenue
After repositioning

 

 

Connecticut Avenue
At acquisition

1211 Connecticut Ave, NW

WASHINGTON, DC | 130,000 sq. ft.

*purchased while senior management team at First Potomac Realty Trust
 

Property Overview

  • Located in the Washington DC CBD, located between two Metro stations (Farragut North and Dupont Circle)
  • Mid-block Class B Office Building
  • 130,000 SF / eight-story building
  • Washington Sports Club is the retail anchor
  • Front of the building offers views of Longfellow Park, while some of the rear views are of St. Matthews Cathedral

 

Acquisition Details

  • Acquired the property in December 2010 for $49.5M ($380psf)
  • Building was 70% leased at time of acquisition

 

Execution

  • Completed a $6.5M renovation which included updated common areas, restrooms, HVAC system, building lobby and street level retail facade
  • Increased rents from the low $40’s psf to low $50 psf