PMRG Buys Its Neighbor
PMRG purchased 2900 Weslayan, a 137k SF office building and 20-lane motor bank. (Now they get to play with the pneumatic tubes... that's reason enough to buy the building.) It’s 73% leased, and EVP John Dailey tells us his firm plans to invest $3M to reposition it to Class-A. That’ll include upgrades to the lobby and common areas. HFF’s Danny Miller and Trent Agnew repped the seller and say it was highly sought after property because of its urban infill location, frontage on three streets, and upside potential.
PM hopes to capitalize on recent growth of retail and residential options nearby, including its own 2929 Weslayan being developed next door. PM EVP Bryant Nail tells us that 40-story, 254-unit property is topping out at the end of May, with first residents moving in this fall. If stopping by the site makes you want to dance, don't be alarmed: Architect RTKL designed it to look like a woman's evening gown. (If dresses were LEED Silver and included ground-floor retail.)