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PRP Real Assets buys 117K SF Washington office for about $30M

The 1979-vintage property at 900 19th St. NW is about 60% vacant, with PRP targeting lease-up and upgrades including a six-figure reinvestment plan over the next year.

Reported · Written up by our desk · Commercial

PRP Real Assets has closed on the purchase of a 117,000-square-foot office building in downtown Washington, D.C., paying around $30 million, according to Bisnow.

The 1979-era building at 900 19th St. NW is roughly 60% vacant, with the vacancy concentrated on three empty floors totaling about 16,000 square feet each, a layout that PRP said could position the property for an anchor tenant opportunity.

PRP described the acquisition as a “basis reset,” and plans to pursue a small-scale improvement program, including investing a six-figure amount in modifications within the next year, while assessing interest from prospective tenants.

The seller, Tishman Speyer, confirmed the sale closed but did not comment on the transaction, and the deal follows Tishman’s prior ownership of the building since 2006 and a substantial renovation completed in 2017, Bisnow reported.

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