Rockpoint, LCOR, Potomac Investment Properties Plan Georgetown Office-to-Residential Redevelopment
Rockpoint, LCOR, and Potomac Investment Properties (PIP) announced the formation of a joint venture to acquire an office property in the Georgetown neighborhood of Washington, D.C. and transform it into a multifamily community.
The two-building property, located at 1000 and 1050 Thomas Jefferson Street NW, will become a highly amenitized 299-unit residential community with approximately 18,100 square feet of street-level retail, just steps from the neighborhood’s historic waterfront. Terms of the transaction were not disclosed.
The project will be the first conversion in decades to deliver multifamily rental units in the Georgetown neighborhood. The site is in the hospitality neighborhood of Washington, D.C., among the Ritz-Carlton, Four Seasons, and Rosewood hotels.
The redevelopment will transform two adjacent 1980s-vintage office buildings originally developed by PIP into a mix of studio through four-bedroom penthouse residences. The location also offers immediate proximity to Georgetown University, historic sites and museums, local boutiques, national retailers, and fine dining options.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout