Monument Realty Closes on $12.75M Purchase of 2055 L Street, NW
Posted February 9, 2011
We Recommend...
Monument Realty has closed on the $12.75 million purchase of 2055 L Street, NW, also known as the Midtown Building, from Verizon, Inc. Monument and its investment partner, New York-based Angelo, Gordon & Company, closed on the property in December in an all cash transaction.
Brian Dawson of Cushman & Wakefield represented Verizon, Inc. on the sale.
Monument and Verizon structured the ownership as a commercial condominium to allow Verizon to retain ownership of the lower floors of the building where it houses passive telecommunication equipment. Monument took ownership of approximately 103,000 SF of office space on the top three floors and 2,700 SF of ground floor retail.
Monument will manage the entire property and control the common areas, including the main lobby, garage and elevators. Monument also has the right to expand the building vertically with two additional floors, which it may consider if there is sufficient demand for additional space.
2055 L Street, which is located in Washington's Golden Triangle, was completed in 1963. The exterior of the building was designed to fit in with surrounding office buildings with its marble pilasters, stone spandrels and punched windows. However, the interior structure was specially designed and constructed to accommodate Verizon's specific requirements with increased floor loadings and extra ceiling heights.
Monument will take advantage of these attributes as it renovates the building with new Class A systems and common area finishes. Monument also has plans to refurbish the building façade to appeal to the contemporary tastes of today's tenants. Monument is currently in the market for financing to cover these costs.
Monument is marketing the property for lease, and says it has interest from associations interested in the 34,000 SF floor plates.
"Space that can accommodate organizations requiring 30,000 SF or more on a single floor is very limited in the CBD," explained Doug Olson, Monument's Executive Vice President. "The renovated building will offer a compelling market alternative," Olson added.
"Buying 100,000 SF of vacant space might seem aggressive," said Michael J. Darby, Principal and founder of Monument Realty, "but we purchased the building at a good price and are confident that there will be a great deal of demand at the rents we will be asking. Monument is actively searching for new opportunities and will be doing more deals of this type in the coming months."
Building Photo Courtesy of Google Maps
blog comments powered by