Investors Land DC Office Building For $23.4 Million
COSTAR GROUP
Potomac Development Partners and Lowe Enterprises Real Estate Group-East have completed the purchase of the eight-story NFL Players Association building at 2021 L St. NW in Washington, DC, for $23.42 million or about $434.31 per square foot.
The 53,925-square-foot office building is undergoing renovations that include the addition of two floors and an expansion of the lower levels of the building. This will increase the square footage of the building to 79,000 square feet.
The buyers plan to convert the entire building into office condominiums. Lowe Enterprises is managing the renovation. Hickok Cole Architects is the designer and Davis Construction is completing the renovations. The renovations are expected to be completed in August 2008.
Paul DeFilippes and John Duffy of Summit Commercial Real Estate LLC represented the sellers.