Stanford University Coming To Downtown D.C.: The D.C. Deal Sheet
Stanford University is opening a satellite office for its public policy think tank in downtown D.C.
The university purchased a nearly 10K SF office building at 1128 16th St. NW for $9M in November, according to D.C. deed records. And now it is asking for zoning approval to convert the building to institutional use for the university’s Hoover Institution.
“At a time when downtown Washington is struggling to attract businesses and institutions, and downtown buildings are losing tenants, the Hoover Institution will buck the trend and invest in the District,” the university said in its application with D.C.'s Board of Zoning Adjustment filed this week.
It added that the investment in the building “reflects Stanford’s expanded commitment to connecting research and scholarship with public discourse and policy development at the national level.”
Stanford’s renovation plans for the property include locating reception rooms, hoteling office space and restrooms on the first floor, adding a nearly 1K SF multipurpose room and conference room on the second floor, and offices and small meeting rooms on the third and fourth floors. It is also planning a new rooftop terrace.
The property will house about 10 employees, hold weekly meetings and a “steady calendar of events,” and host visitors, according to the application.
The four-story property, built in 1906, had been owned by the Congressional Hispanic Caucus Institute for a decade. It sits a half-mile north of the White House, adjacent to the National Geographic headquarters and museum, which is undergoing a $250M renovation.
Stanford has another D.C. location in Woodley Park, where it houses undergraduate students and holds classes for its Stanford in Washington program. The university has owned that building at 2661 Connecticut Ave. NW since 1987.
SALES
MRP Realty and Prime Finance acquired a four-building office complex in Bethesda, they announced this week. The partnership purchased Bethesda Crescent, which totals about 288K SF, for $28M, Maryland deed records show. The properties on Wisconsin Avenue and East-West Highway were formerly owned by Brookfield, which lost them to foreclosure, the Washington Business Journal reported. Prime Finance was the purchaser of the note and won the asset at auction earlier this month with a credit bid.
MILESTONES
American Real Estate Partners and Bozzuto started pre-leasing their 199-unit office-to-residential conversion in Old Town Alexandria before it delivers this fall, the partnership announced this week. CityHouse Old Town at 1101 King St. is the redevelopment of a 1980s-era, 236K SF office building that AREP purchased in 2022 and started construction on in March 2024. Bozzuto will serve as the leasing and property manager. Move-ins are expected to begin in November.
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Two of Google’s D.C.-area data centers are poised to receive expansions. The tech giant is planning to invest $9B into cloud computing and AI by the end of 2026, Virginia Gov. Glenn Youngkin announced this week, and a portion of that investment will go to expand data centers in Loudoun and Prince William counties. The funds will also be used to develop a new data center in Chesterfield County.
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EYA has entitled land next to and owned by St. Paul’s Lutheran Church in Falls Church for a 71-townhome community, the developer announced. The development, planned on the land owned by the church at Leesburg Pike and Idylwood Road, is also poised to include a central entry park, pollinator garden and nature trails. Construction is expected to begin next summer, with sales launching late next year.
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A new 36-story Hilton in Rosslyn is now open on the site of a former Holiday Inn, the hotel brand announced. Hilton Arlington Rosslyn The Key, at the base of the Francis Scott Key Bridge, has 331 rooms, 28K SF of meeting and event space and two eateries. Dittmar Co. was the developer. In its release, Hilton Hotels & Resorts said the delivery “marks a significant milestone” as the first property to boast the brand's “refreshed identity.” The 18-story Holiday Inn formerly on the site was demolished in December 2020.
