CGI Merchant Group Delivers on Purchase of Lease to Old Post Office in DC
Miami, FL-based CGI Merchant Group, LLC, has acquired the lease to the Old Post Office building in Washington, DC. There are 95 years remaining on the lease, which has been acquired with approval from owner U.S. General Services Administration.
The Romanesque Revival property on Pennsylvania Avenue opened in 1899 as DC’s main post office, later converted to a federal office building and more recently became a hotel. CGI, in partnership with Hilton, plans to relaunch the property under the Waldorf Astoria Hotels & Resorts brand.
This transaction marks the fourth hotel deal completed through CGI’s Hospitality Opportunity Fund I, LP, including The Gabriel Miami and The Gabriel South Beach.
All properties purchased and/or developed through the fund will be labeled as part of CGI’s Conscious Certified Hotels — which to aim to create an authentic experience for guests that connects the core values of the conscious traveler with positive, measurable community impact — and housed within Hilton’s portfolio of brands.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.