MRP to reposition 1233 20th Street, NW in CBD to an amenitized Class B asset
MRP Realty, developers of commercial, residential, and mixed-use real estate across the Mid-Atlantic region, together with GreenOak Real Estate, a New York-based real estate investment and advisory firm, today announced the acquisition of The Lion Building at 1233 20th Street, NW from JBG SMITH (NYSE: JBGS). The Lion Building is a 157,000-square-foot office building, located in the CBD submarket of Washington, DC.
MRP will immediately begin renovations to reposition the property into an amenitized Class B asset to take advantage of the demand for attractive Class B office buildings in a market where that product inventory is decreasing.
“The Lion Building is ideally situated in a vibrant retail and restaurant corridor with multi-modal transportation options,” said Lauren Bosso, Vice President, Acquisitions and Investments with MRP Realty. “MRP looks forward commencing a robust spec-suite program and select renovations to attract value-conscious tenants seeking amenities for their employees.”
The 8-story building is two blocks from the Dupont Circle Red Line Metro station and walkable to the Farragut West Orange/Blue/Silver Line Metro stations and has easy vehicular access for commuters. The Lion Building is located in DC’s Golden Triangle district with access to over 550 nearby restaurants, shops and bars. The building is LEED certified and currently offers a fitness center with towel service, a grab-and-go market and a bike room.
Holliday Fenoglio Fowler, L.P. (HFF) represented the seller, JBG Smith, and procured the buyer, a joint venture between GreenOak and MRP Realty. Additionally, HFF worked on behalf of the new owners to secure acquisition financing.
About MRP Realty
Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in Washington, D.C., Maryland, Virginia, Pennsylvania, and New York City. MRP provides to its institutional capital partners a full array of real estate services including: acquisition/disposition, development/construction management, property management, asset management and financial reporting services. Since the company’s inception, MRP has deployed $4.1 billion in total capitalization, an average of over $300 million per year. MRP’s combined development assets total more than 20 million square feet, with an additional 9+ million square feet under management. For more information, please visit www.mrprealty.com
About GreenOak
GreenOak Real Estate (“GreenOak”) is a privately owned real estate investment manager with nine offices globally and over 100 employees. Since formation in 2010, GreenOak has raised over $8.0 billion of equity and acquired over 150 properties representing approximately $10.0 billion of asset value globally.
For more information, please visit www.greenoakrealestate.com
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
