One Firm Just Bought an Embassy; You Probably Can't, Though
RezRoss Investment Group just scored a rare purchase in scooping up 2209 Massachusetts Ave, the home of the Embassy of the Republic of Georgia. But Greysteel's Gil Neuman (left, whose team brokered the deal on behalf of seller Delshah Capital) says don't expect to see many, if any, other embassy sales any time soon. Most embassy buildings are owned by the countries that occupy them, says Gil (snapped this morning with colleague Ari Firoozabadi); plus, non-government-owned buildings on Embassy Row are rarely offered up for sale. Gil says the 9,000 SF building traded in the $3.2M range; he was joined by Ari, Kyle Tangney, John F. Mullen, Henry Schuldinger, and Caleb Brown in repping Delshah.
Gil says there was a large group of interested buyers, including other countries and high-net worth foreign investors who sought to make the building a residence for themselves or guests. Both the Republic of Georgia and the owner have out clauses for the current lease to the embassy, Gil says, and it's too early to say whether Georgia will stay put or another tenant will be sought. 2209 Mass has been home to the embassies of other countries before, including from the UAE and the Ukraine. (They left when Russia turned off the gas.)
