Dupont Circle: Investment Haven?
Dupont Circle is many things: vibrant nightlife spot, Metro-accessible, and the site of fine dining. But it's now receiving a significant amount of investment attention, too, says JLL's Bill Prutting (second from right), who along with colleagues Jason DeWitt, Jim Molloy, and Marc Rampulla, pictured here, are listing the 23k SF mixed-use 1512-1528 Connecticut Ave for sale on behalf of owner PNC Bank. Bill says investors like Dupont since it can draw from the area's diverse workforce, as well as the fact that it's a true transit-oriented hub. 1512-1528 Connecticut is fully leased (including ground-floor tenants sweetgreen and ShopHouse), and Bill says there's been interest from across the spectrum: high-net-worth individuals, institutions, and even foreign capital. (Our guess: Ireland is going to buy every sweetgreen.)
Across the circle from 1512-1528 Connecticut, another office asset, 11 Dupont Circle, has just hit the market. Cassidy Turley's Drew Flood, who's marketing the asset (to the left, which we snapped yesterday), tells us Dupont office product is sought after since vacancy is historically low in the neighborhood, as well as the fact that it's walkable to a huge amenity base and on the Red Line, a big plus for suburban commuters. Earlier this year, Harbor Group International bought into those factors with its $16M acquisition of the Dupont Starbucks building—at over $1,600/SF, one of the highest per-SF retail deals in some time. (But still cheaper than a grande nonfat caramel macchiato.)