San Francisco-based real estate investment company Shorenstein Investment Advisers (“Shorenstein”) recently announced the acquisition of a trophy office property prominently located in the Washington, D.C. East End submarket.
The property at 901 K St. is a 12-story, European-style trophy class office building situated in a Metro-accessible location that’s within close proximity to a variety of shops, restaurants, entertainment, and business services, as well as the Walter E. Washington Convention Center, Capital One Arena, and CityCenterDC.
Known as a hub for numerous advocacy groups, law firms, trade associations, and think tanks, K Street is a major thoroughfare in the nation’s capital. Its influence in national lobbying is comparable to that of New York’s Wall Street in finance.
The property features a modern exterior with a richly textured façade; floor-to-ceiling glass windows providing tenants natural light and sweeping views of the D.C. skyline; and interior design combining polished stone, warm woods and premium lighting.
Amenities include: an expansive rooftop terrace with a catering kitchen for events; private terrace spaces; a fully equipped customer-only fitness center; and a parking garage offering more than 220 spaces. What’s more, the new owner of the property is already planning to add a new, state-of-the-art conference facility and modern tenant lounge.
“901 K Street complements our investment strategy of acquiring high-quality and next-generation office space at a meaningful discount to replacement cost,” said Sean Fay, vice president at Shorenstein. “The in-place tenancy provides stable cash flow for the investment, and with the reset basis, we will be able to attract users seeking trophy-like product at a discount to the competition. We look forward to delivering value to our existing tenants, prospects, and Shorenstein investors with this investment.”
Tenants currently on the roster include technology corporation Microsoft; law firm and lobbying group Baker Donelson; and satellite communication service company ViaSat. An Avison Young team of Eli Barnes, Jonathan Wellborn, and Will Stern will market the property further to attract additional tenants.
Originally completed in 2009, the building incorporates more than 215,000 square feet of rentable Washington, D.C. office space. Featuring floor plates spanning nearly 23,000 square feet, including roughly 4,300 square feet of retail on the ground floor, as well as a LEED Platinum certification, 901 K St. is sure to be an easy pitch going forward.
The property at 901 K St. NW incorporates more than 215,000 square feet of LEED Platinum-certified Washington, D.C. office space and rises 12 stories above one of the capital’s most prominent thoroughfares.
