This Week's D.C. Deal Sheet: Ukrainian Foundation Buys Dupont Circle Building
A Ukrainian nonprofit foundation with ties to the country's government has purchased a building on an embassy-heavy stretch of Massachusetts Avenue.
Ukraine House D.C. Foundation paid $5M for the property at 1720 Massachusetts Ave. NW, according to D.C. deed records posted this week.
The seller was the Congressional Black Caucus Foundation, which has used the property as its headquarters since 2002. The buyer and seller didn't respond to Bisnow's request for comment.
The 12K SF property sits two blocks from Dupont Circle on the same block as the embassies of Peru, Chile, Colombia and Uzbekistan.
The Ukrainian foundation leases a property at 2134 Kalorama Road NW, where it has hosted more than 250 events with over 30,000 attendees since it opened in September 2021, according to its website. Ukrainian President Volodymyr Zelenskyy attended its opening, and Ukraine's ambassador to the U.S., Oksana Markarova, sits on the foundation's board.
Newmark brokers Doug Damron and Chris Lucey represented the buyer, while Hines Real Estate Advisory's Michael Hines represented the seller.
LEASES
BakerHostetler inked a lease for 80K SF of the space ArentFox Schiff is vacating on K Street, the Washington Business Journal reported. The Cleveland-based firm is moving into 1717 K St. NW. It is relocating from Lerner Enterprises' and Tower Cos.' Washington Square at 1050 Connecticut Ave. NW.
***
Bernstein Management is moving its headquarters from D.C. to Bethesda, Maryland Gov. Wes Moore’s office announced this week. The company is taking 15K SF in its relocation to 4800 Hampden Lane, a spokesperson for the governor’s office told Bisnow.
Bernstein, which plans to bring in 50 employees by the end of the year, received state and county incentives. The state’s Department of Commerce approved a $250K conditional loan through its Advantage Maryland program for project costs. Montgomery County is providing up to $150K through its MOVE Grant Program and up to $400K through its Job Creation Fund.
SALES
JBG Smith purchased a 500K SF office park in Tysons for $42.3M, the Washington Business Journal reported. Tysons Dulles Plaza is a three-building property at 1410-1430 Spring Hill Road. The seller was Boston-based Rockpoint Group, which had submitted an early-stage land use application in February that would allow the developer to undertake a residential conversion.
FINANCING
Trammell Crow Co. and MetLife refinanced the 640-unit residential component of their Armature Works mixed-use development in NoMa. Artemis Real Estate Partners provided the joint venture with a $186M loan for the Rigby and Market House buildings, Bisnow first reported this week. The properties delivered in 2022 alongside the 203-room The Morrow Hotel.
MILESTONES
Mint House’s office-to-hotel conversion downtown is open, the company announced on LinkedIn. It has converted the 65K SF office building at 1010 Vermont Ave. NW into 85 hotel rooms with full kitchens. Altus Realty and McLean Partners partnered on the project after buying the property for $16M in 2022. It is the first location in D.C. for Mint House, which operates 22 hotels in 13 markets.
