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Monument Realty and 7K Investments buy D.C. office near the White House
The partners paid $37.5M and obtained a $52M acquisition loan, planning a major renovation that includes facade and systems upgrades.
Monument Realty and 7K Investments have purchased a 157,000-square-foot office building at 1775 Pennsylvania Ave. NW in downtown Washington, D.C., about two blocks from the White House, for $37.5M, according to D.C. deed records cited by Bisnow.
The buyers also secured a $52M acquisition loan from Harbor Group International, and they plan a large-scale repositioning that they say will include reimagining the exterior facade, redesigning the lobby, upgrading building systems, and adding an amenities package with conference rooms, gathering spaces, a fitness center, and an outdoor terrace.
SmithGroup has been hired for design services, and Monument plans to manage and lease the property. Bisnow reports the building has 77,800 square feet available for lease, including the top four floors.
The same deal sheet also notes other Washington-area transaction activity, including Peterson Cos. buying a 103,000-square-foot mixed-use property in Gaithersburg for $11.1M and a joint venture led by Montclif and FCP buying Hamilton Square, a 278,000-square-foot office building near the White House, for $126M with an $84.6M loan.