Home›Real Estate›Commercial›Garfield, Broad Creek buy 1667 K Street NW for $26.2 m…

Garfield, Broad Creek buy 1667 K Street NW for $26.2 million

The nearly 200,000-square-foot office building will undergo about $10 million in capital improvements as part of a repositioning effort.

Reported · Written up by our desk · Commercial

Garfield Investments, in partnership with Broad Creek Capital, has acquired 1667 K Street NW, a nearly 200,000-square-foot downtown Washington, D.C. office property on the corner of 17th Street and K Street NW overlooking Farragut Square, for $26.2 million, according to ConnectCRE.

The deal marks Garfield’s second major office acquisition in the last year. ConnectCRE said only three of the 12 office buildings fronting Farragut Square have traded in the past 20 years, and 1667 K Street is among the area’s more distinctive properties.

After the acquisition, JLL has been retained to provide property management services, while JLL will lead leasing efforts. ConnectCRE also reported that Garfield plans to invest approximately $10 million in capital improvements tied to a comprehensive repositioning of the building.

ConnectCRE attributed remarks to John Mason, Garfield’s managing partner and CEO, saying well-located buildings with the right amenities and tenant experience continue to perform.

More like this

Sources