Less than two years after purchasing property directly across the street from the US Treasury Department, the Milken family has made another big real estate play just steps from the White House.

The Milken Institute has acquired both 1501 Pennsylvania Ave NW and 730 15th St NW from an institutional investor for $55.5M, the Washington Business Journal reports. The property neighbors the Riggs Bank Corcoran branch at 1503-1505 Pennsylvania Ave NW, which the Milken Family Foundation previously purchased for $31M.

1501 Pennsylvania is a single-story, 5k SF Bank of America branch that features a granite face and a 50-foot-high ornate ceiling. The building was constructed in 1902 and added to the National Register of Historic Places in 1973. Neighboring 730 15th is a 10-story, 112k SF building that features wraparound windows on the top floor and houses a grand ballroom.

This past June, the Milken Family Foundation began pursuing plans to convert the former Riggs Bank branch into the Museum of the American Educator. The new acquisitions are unrelated to those plans and are simply a long-term investment for the Milkens. [WBJ]