American Real Estate Partners and The Davis Companies announce $40.5m sale of 72,648 s/f
WASHINGTON, DC —American Real Estate Partners (AREP), with joint venture partner The Davis Companies (TDC), announced the $40.5 million sale of 1140 19th St., NW, a 72,648 s/f, nine-story class A office building in the heart of Washington, DC’s Golden Triangle district. AREP and TDC began repositioning the building in 2012, investing significant capital to renovate the building.
A creative leasing campaign and spec suite program brought the building to stabilized occupancy as tenants seeking flexibility and prominence for large and small suites discovered this elegantly finished “jewel box” asset along a vibrant downtown corridor. On the retail level, new signage heralded leases with popular fast casual restaurants, Noodles & Co. and GRK Fresh Greek.
“1140 19th Street allowed American Real Estate Partners to apply our redevelopment skills as we set out to consider the building’s competitive position in the market, create a stunning renovation plan designed to attract the most sophisticated tenants in the market and successfully transform this important downtown DC asset,” said American Real Estate Partners president, Brian Katz. “Working alongside our partners at The Davis Companies was a pleasure as we fulfilled our shared goals for the joint venture after acquiring both this property and the one next door at 1146 19th Street, which sold in July 2013.”
American Real Estate Partner’s principal and executive managing director Michael Gribbon directed the leasing and repositioning strategy, saying, “Our approach to marketing 1140 19th Street included not only the re-introduction of the property as a completely renovated, upgraded and sophisticated addition to this important block in the Golden Triangle but also introduced unusual choice and flexibility to the market, with highly visible full floors and smaller, flexible spec suites.”
The Davis Companies managing director of asset management Cappy Daume said, “While the asset benefited from an inherently strong location, its potential was limited by many physical challenges and historical lack of investment. This team did an amazing job re-imagining how this property could look and function for a new generation of office and retail tenants. The results are stunning and a true improvement to the neighborhood for decades to come. We are grateful to our partner, AREP, for leading such a successful re-development.”