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Rubenstein Acquires Majority Interest in DC Office Condo
An affiliate of Philadelphia-based Rubenstein Partners, L.P., is acquiring a majority interest in 111 K Street, NE, in Washington, DC from New Boston Fund for $27.5 million. The 11-story Class-A trophy office building is located in the NoMa/Capitol Hill submarket at First and K Streets, NE, two blocks north of busy Union Station.
Developed in 2010, the asset is organized as a condominium regime and Rubenstein will be purchasing or controlling through the condominium regime roughly 80% of the property square footage. The nearly 90,000-square-foot boutique building features a diversified tenant roster of full-floor occupants representing non-profits, associations and other business service sectors.
Rubenstein’s Steve Evans says, “The bones of the building provide a great starting point for Rubenstein’s re-branding efforts, but we intend to enhance these amenities with physical upgrades, better technology and more comprehensive tenant concierge services.”
JLL’s James Molloy represented the buyer.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
