This Week’s D.C. Deal Sheet: Duball Plans $90M Dupont Office Conversion
The new owner of a historic office building in Dupont Circle is moving forward with a residential conversion.
Duball, in a joint venture with an institutional investment partner, acquired the Longfellow Building at 1201 Connecticut Ave. NW this week. The Rockville-based developer plans to spend $90M to convert the 1940s-era building into about 160 apartment units with ground-floor retail, it announced Thursday.
Duball paid $21.5M for the 193K SF property, according to documents filed with the D.C. Recorder of Deeds.
The office property sold at a foreclosure auction back to the lender at the end of last year.
At the end of June, before Duball purchased the property, the company filed plans with the Historic Preservation Office seeking permission to make changes to the historic building designed by architect William Lescaze.
The developer said in the application it would restore the facades closer to their original design and restore the original balconies to the units running along the Connecticut Avenue side. The architect on the filing was Maurice Walters.
“Duball is excited to commence this important project in the heart of Washington, DC,” Duball President Marc Dubick said in a release. “We are excited to honor the rich history of the building and return the façade to its original glory. The Lescaze designed original building has a ton of character and is meaningful to Dupont Circle and the surrounding communities.”
LEASES
CareFirst is consolidating its six D.C. locations with a new 68K SF lease at Metropolitan Square. The insurance company said the new lease is a more efficient use of space but “does not reduce the company’s footprint.” Newmark, which represented the landlord, announced the deal Thursday. Artemis Real Estate Partners owns the 670K SF property next to the White House at 655 15th St. NW. CareFirst is set to occupy the eighth floor of the 12-story property and is scheduled to move in September 2025. JLL’s Phil Leibow and Bobby Blair represented CareFirst, and Newmark's Brendan Owen, Ed Clark, Max Planning and Blaire McGavin represented the ownership.
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The National Institutes of Health renewed its 124K SF lease at The Atrium at Rock Spring Park in Bethesda. The federal tenant signed on at MC Real Estate Partners’ 6555 Rock Spring Drive for another 10 years. Lincoln Property Co., which manages and leases the property, announced the news. Lincoln’s Merrill Turnbull, Brent Prossner, Jae Lee and Will Ruppe represented MCRE, and JLL’s Gerrit Voogt and Joe Judge and GUV Commercial Real Estate’s Joe Callahan represented the NIH.
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Bechtel renewed and expanded its lease for its Reston headquarters. The engineering giant, one of the largest privately held companies in the U.S., inked a lease for 289K SF at BXP's Reston Outlook, a pair of office properties across from the Reston Town Center Metro station. The deal is a 33K SF expansion from its prior square footage, a BXP spokesperson said. The company didn’t disclose the lease term, but a spokesperson said it was a “long-term lease renewal.” BXP was represented in-house by Jake Stroman and Erin Cotter, and CBRE’s Cathy Delcoco represented Bechtel.
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Pembroke announced it signed two new leases at 1201 New York Ave. NW last quarter. The owner signed Firehouse Strategies to the property in May and the International Franchise Association in June. The leases total 25K SF. Occupancy at 1201 New York, a 444K SF property near Metro Center, is 87%, according to a Pembroke release. CBRE’s Amy Bowser, Brooks Brown and Will Donohue lease the property.
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Fine arts logistics company Maquette Fine Arts inked a 27K SF warehouse lease in Forestville, Maryland. The company’s lease is at 7804 Marlboro Pike, owned by Matan Cos. Colliers, which represented Matan, announced the news. The location marks the New York-based company’s fourth warehouse location. It also has warehouses in Boston and Connecticut. Colliers’ Jason Sullivan, Brian Siegel, Tom Gentner and Brian Watts represented Matan, and JLL represented the tenant.
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Real estate firm PRP inked an 11K SF lease at a K Street office property downtown for its new headquarters. The D.C.-based firm already subleases space at Tower Cos.’ The Millennium Building at 1909 K St. NW. But the new lease is to build out a larger headquarters space, according to CBRE, which represented Tower. The Millenium Building was built in 1973 and renovated in 1999, according to LoopNet. It rises 12 stories and spans 240K SF. CBRE’s Randy Harrell, Lara Nealon, Joe Coleman, Kevin Howard and Brittany Gosnell represented Tower Cos., and Cushman & Wakefield’s Robert Schwartz represented PRP.
MILESTONES
Frontier Development & Hospitality Group and Basis Investment Group announced they are rebranding and renovating a Shaw hotel they purchased this summer. The joint venture is transitioning the 182-key Cambria Hotel at 899 O St. NW into a Hyatt House, it announced this week. The repositioning will cost approximately $10M, Frontier founder Evens Charles told Bisnow, and it is expected to deliver next summer. The Cambria sale was reported in May, but the total acquisition price wasn't disclosed at the time. Charles told Bisnow the price was $50M.
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Carr Properties announced it is repositioning a 190K SF office building on K Street. The owner is partnering with Forest Perkins, a design studio of Perkins Eastman, on 1875 K St. NW. The plans include a lobby renovation with a new coffee bar, fitness center enhancements and the addition of a third-floor conference center and lounge for up to 100 people. Carr didn't disclose the amount it plans to spend on the work. The owner anticipates a January 2025 delivery.
