111 K Street, NE

Ground-up Development Office Condominiums

Opportunity
In 2006, J Street Development, with one site in the rapidly evolving NoMa submarket already sold to a top-tier developer at excellent returns, identified two additional sites at the strategic corner of K and First Streets, NE.  Ideally located on the First Street corridor and one of the most proximate sites to Union Station and Capitol Hill, 111 K Street offered J Street and its partners the opportunity to enter this market at the right time with the right product.

Execution
In partnership with Westbrook Partners, J Street ran exhaustive studies of market conditions and tenant movement in downtown Washington, DC.  With years of tenant representation experience in the Washington market, J Street leadership confidently made the call to develop this property as office condominiums, tapping into the strong interest by non-profits and associations to take advantage of the financial flexibility and long-term controls offered by this product.  111 K Street was then designed to Class A standards by renowned architects, Gensler Worldwide, with 11 floors, garage parking, a shared conference center, dramatic rooftop terrace with U.S. Capitol views, and other amenities important to users in this pedestrian and transit-friendly area.

Status/Exit Strategy
J Street delivered 111 K Street in December 2009. the Student Affairs Administrators in Higher Education (NASPA) and the American Bus Association own full floor suites. In mid July 2011, J Street and its investor partner elected to sell the balance of the available condominiums to a sole purchaser who has retained J Street's leasing and sales team to continue marketing the remaining available space.