In a joint-venture partnership, MRP Realty, Snell Properties and SJG Properties have acquired a 270,660-s.f. Class A office building in Washington, D.C., for an estimated $20.87M, according to the Washington Business Journal. MRP Realty will manage the asset.
Property: 10 G Street NE, Washington, D.C.
Price: $20.87M
Seller: American Psychological Association
Buyer: MRP Realty, Snell Properties and SJG Properties
Built in 1997, the eight-story building is 60% leased. Active or recent tenants include Amtrak, Evangelical Lutheran Church in America and Blood Cancer United Inc., according to CompStak.
Located between Union Station and the U.S. Capitol, the asset appeals to associations, advocacy groups and firms that need quick access to Capitol Hill, offering transit, walkability and proximity to the federal core. It is surrounded by hotels, restaurants and government institutions. Current amenities include a fitness center, a 187-space parking garage, a green roof garden and a labyrinth.
“While it already enjoys strong cash flow, we now have the opportunity to add value to the building by improving the common areas and working to create new spaces for tenants who want to be in this submarket,” said Bob Murphy, managing principal at MRP Realty, Chris Hanessian, president/CEO of Snell Properties and Ashley Wiltshire, president of SJ Properties, in a joint statement.
