3850 SE Three Mile
US - McMinnville, OR
NZ$8,262,000 | 2,309 m²
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present the opportunity to acquire an interest in 1776 K Street (“1776 K” or the “Property”), a 198,109 BRSF office building prominently located on the corner of 18th and K Streets in the heart of the Central Business District (“CBD”) of Washington, DC. The Property is currently 97% leased and has served as the longtime home to prestigious law firm Wiley Rein, LLP (“Wiley”) (Am Law #141) for over 30 years. Once Wiley’s lease expires in June 2024, 1776 K will be poised to embark upon a full-scale redevelopment program and explore a multitude of uses – office, residential, and/or hospitality – as this trophy site is reimagined for the first time in over 50 years.
The Property’s K Street location in the heart of the Golden Triangle offers Washington, DC’s premier live-work-play environment. Just blocks from the White House and within one block of four Metrorail lines (Red, Orange, Blue, Silver) at two different stations, the Property has unmatched accessibility not only via rail and foot, but also by car given ease of access to the Capital Beltway (I-495) and the broader metropolitan region by way of Connecticut Avenue, L, and M Streets. The neighborhood is flanked by Foggy Bottom, West End, and Georgetown, in addition to millennial hotspots such as Adams Morgan and the trendy Logan Circle neighborhood with its vibrant 14th Street Corridor.
This offering affords investors and developers alike the generational opportunity to acquire real estate at an attractive land basis with interim cash flow from Wiley during the proposal and design phases.