Trophy Office Investment Advances Firm’s Next Generation Office Strategy
Shorenstein Investment Advisers (“Shorenstein” or the “Company”), an owner and operator of high-quality office, residential, and mixed-use properties across the U.S., today announced the acquisition of 901 K Street (the “Property”), a 219,956 square-foot trophy office building in Washington, D.C.
901 K Street is prominently situated in the vibrant East End submarket—a dynamic mixed-use neighborhood with a growing base of high-quality office tenants focused on next-generation and high-quality office product. The Property features a modern exterior with floor-to-ceiling glass windows providing tenants natural light and sweeping views of the D.C. skyline. Tenants benefit from top-tier amenities, including a fully equipped fitness center, a 222-space parking garage (1/1,000 parking ratio) and an expansive rooftop terrace with a catering kitchen for events as well as private terrace spaces. Shorenstein is already underway on enhancing the tenant experience with the addition of a new, state-of-the-art conference facility and modern tenant lounge.
With its quality, in-place tenancy demonstrates demand from a variety of sectors—Microsoft, Baker Donelson and ViaSat—making 901 K Street a stand out property in the East End office cluster. Situated in close proximity to the Convention Center, Capital One Arena and CityCenterDC, the Property provides a central, Metro-accessible location with unmatched access to the neighborhood’s premier dining options, apartments and hotels.
“901 K Street compliments our investment strategy of acquiring high-quality and next-generation office space at a meaningful discount to replacement cost,” said Sean Fay, Vice President at Shorenstein. “The in-place tenancy provides stable cash flow for the investment, and with the reset basis, we will be able to attract users seeking trophy-like product at a discount to the competition. We look forward to delivering value to our existing tenants, prospects and Shorenstein investors with this investment.”
901 K Street will be marketed by Eli Barnes, Jonathan Wellborn and Will Stern at Avison Young and has been recognized for its architectural and construction excellence, receiving the ABC of Metro Washington Excellence in Construction Award and the Mid-Atlantic Construction Magazine Best Project Award.
