Boston Investor Buys Dupont Circle Office Building, Plans To Continue D.C. Expansion
Marcus Partners, a Boston-based investment and development firm, has just bought its first property in Downtown D.C.
The firm announced Thursday it acquired the Jefferson Building, a 73K SF office building at 1225 19th St. NW. HFF brokered the deal on behalf of the seller, Invesco Real Estate, and arranged acquisition financing for the buyer.
The building sold to Marcus Partners for $26.4M, according to a deed published Tuesday with the D.C. Recorder of Deeds. A separate deed posted Tuesday shows the land on which the building sits sold for $15.5M to an LLC with an address at 1114 Avenue of the Americas in New York City.
Invesco bought the building in 2009 for $26.2M, according to property records. The building was renovated in 2016 and is 87% leased, with a 9,300 SF space available on the top floor. It is leased to 12 tenants, including the International Center for Alcohol Policies and law firm Relman, Dane & Colfaxt, according to HFF.
The new owner said it plans to renovate the lobby, common areas and building systems. Lincoln Property Co. will continue to manage the building, and CBRE's Kevin Howard and Lara Nealon will handle its leasing.
Sitting two blocks south of Dupont Circle, the building is part of the Golden Triangle Business Improvement District. It is surrounded by a host of restaurants and bars, and its ground-floor space includes D.C. power lunch staple The Palm.
Marcus Partners opened an office in Tysons last year as part of a D.C.-area expansion. The firm in November acquired the office building at 3170 Fairview Park Drive from CSRA and leased it back to the information technology company. It also owns Park Plaza I and II in Rockville.
“We are continuing to grow our presence in the D.C. community and look forward to expanding our portfolio here over the years to come,” Marcus Partners D.C. Regional Director Andrew Dolinsky said in a release.