$77.5 Million Non-Performing Office Loan
US - Washington, DC
A$115,413,000 | 28,508 m²
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this offering for 1750 K Street (the “Property”), a 98% leased, 165,604 RSF Class B office building located in the heart of Washington, DC’s CBD. Currently leased to four tenants, the Property is predominantly occupied by law firm Wiley Rein, LLP (87% of RBA) through June 2024, who will relocate upon expiration. The Property offers significant value creation opportunities due to its prime K Street address, while its small, flexible floorplates provide leasing optionality re-tenanting the asset with the opportunity to deliver a market-leading spec suite program. Through a transformational repositioning, investors can take advantage of the asset’s prestigious location to deliver K Street’s preeminent post-COVID offering.
The Property’s location in the heart of the Golden Triangle offers Washington, DC’s premier live-work-play environment. Just blocks from the White House and walkable to four Metrorail stations, the Property is easily accessible from a variety of transportation options due to its central location along the CBD’s main thoroughfare. Synonymous with power and prestige, K Street is home to 20 of the AmLaw’s top 100 law firms.
1750 K’s small, flexible floorplate and side-loaded core offer potential investors significant leasing optionality regarding re-tenanting of the asset. Coupled with the potential to activate the building at the street level, the Property is truly within a unique subset of downtown Washington, D.C. office. Potential investors will be the beneficiaries of the ongoing development of placemaking retail and residential, while 1750 K’s healthy contractual cash flow will offer the bridge necessary to embark upon a renovation that perfectly positions the Property for the new post-COVID work environment.