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Vieron Capital buys Sumner Square office complex near Dupont Circle
The investor paid $66.8M for the leasehold interest and financed the deal with a $31M Bank of America loan, while the District of Columbia owns the ground beneath the properties.
Vieron Capital, a private investment fund and family office based in King of Prussia, Pennsylvania, is expanding its Washington, D.C. area office portfolio by taking over the leasehold interest in the three-building Sumner Square complex near Dupont Circle, according to D.C. deed records cited by Bisnow.
The complex totals about 210,000 square feet across 1615 M, 1625 M and 1215 17th St. NW, and Vieron paid $66.8M for the leasehold interest this month. Vieron also borrowed $31M from Bank of America for the purchase, while deed records show the District of Columbia owns the ground beneath the properties.
The buildings include the restored 1872 historic Charles Sumner School and the 1887 William Beans Magruder School. Bisnow also notes the transaction reflects continued interest from private buyers in D.C.’s discounted office market.
BXP, the former owner, previously disclosed in an SEC filing that it was under an agreement to sell Sumner Square for $63M to an undisclosed buyer, the Washington Business Journal reported at the time. In its second-quarter results, BXP recorded a $35M loss tied to an impairment charge related to the sale price being below the asset’s carrying value, according to the report.