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AREP to Convert One of Old Town’s Largest Office Buildings
American Real Estate Partners (AREP) has kicked off construction to convert an aging office building at 1101 King St into a multifamily residential building in CityHouse Old Town, Washington Business Journal reported.
With its location near the King Street Metro station, this seven-story brick structure, also known as the Tycon Building, will offer approximately 200 units ranging from studios to three-bedroom residences with dens. Hoar Construction heads the construction efforts, with Bozzuto Management set to oversee property management upon completion in fall 2025.
AREP, headquartered in McLean, along with its partner Silverpeak Real Estate Partners of New York, acquired units in the office condominium building in September 2022 when it was approximately 80% vacant. The original development application was submitted in April 2022. Originally completed in 1985 and renovated in 2017, the building now houses tenants in its 17,500 square feet of street-level retail space, including Orangetheory Fitness.
- ◦Development
