150k SF Georgetown Office Building Hits The Market
A 150k SF Class-B+ office building with street-level retail in Georgetown has hit the market.
The building is located at 2233 Wisconsin Ave NW, a site permitted for an additional 40k SF of residential development. Property owner JOSS Realty Partners has hired Transwestern to broker the property, which is valued at roughly $39M.
2233 Wisconsin is currently over 87% occupied by a roster of tenants that includes the administrative arms of MedStar Health and the Children’s National Medical Center, as well as several embassies and professional services firms. Street-level retail accounts for 20% of the property, and features a lineup of Einstein Bros Bagels, Breadsoda Deli and Billiards, and CorePower Yoga.
While DC remains a tenant’s market at the moment, research shared by Transwestern points to some positive signs for the Georgetown submarket. Rents in the Georgetown office and retail markets have jumped more than 7% in the past year, and vacancy rates are tightening in comparison to their long-term averages.