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Washington DC & Mid-Atlantic  + Office  | 

Office-Hotel Development Near Union Station Listed for Sale

Office Properties Income Trust has hired Eastdil Secured to market 20 Massachusetts Ave. NW, an office and hotel project near Union Station in Washington, D.C., for sale.

The 428,000-square-foot project combines a 274-key Royal Sonesta hotel with four floors of office space, reported the Washington Business Journal. The property features modern amenities, a penthouse, and retail space of more than 13,000 square feet, according to CBRE leasing materials which also indicate the office space is vacant. 

The prospective sale comes less than two years after OPI and RMR Group delivered the $200 million project. Per the Journal, OPI’s latest investor presentation says the full building, with a gross book value of $286.85 million, is 56% leased. RMR Group, also of Newton, is an alternative asset management company. OPI and Sonesta are both managed by RMR Group. 

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Office Properties Income TrustThe RMR GroupEastdil Secured

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.