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Oaktree Buys Revamped 1980s-Era West End Office Building For $153M

The office building at 2300 N St. NW

A 36-year-old D.C. office building that underwent an eight-figure renovation after losing its law firm anchor has traded hands for more than $150M.

An affiliate of Oaktree Capital Management acquired the 2300 N St. NW office building for $152.75M, according to documents posted Friday to the D.C. Recorder of Deeds. The seller in the deal was listed as an affiliate of Lincoln Property Co., which manages and leases the asset on behalf of the Teachers Retirement System of the State of Illinois.

Oaktree and LPC declined to comment on the deal. The Oaktree affiliate financed the deal with a $119.8M loan from Blackstone Mortgage Trust, deed records show. 

LPC will continue to manage and lease the asset under the new ownership, said LPC Senior Managing Director Adam Biberaj, one of the brokers who manages the property. He said the building is currently 82% leased. The pension fund bought the property in 2011 for $140M, deed records show. 

The 288K SF building, constructed in 1986, sits at the intersection of 24th and N streets in D.C.'s West End neighborhood, roughly a half-mile from Dupont Circle. It has around 50K SF available on the first, second and sixth floors, according to an LPC leasing brochure.

LPC in 2015 completed a $14M renovation of the property after its previous anchor tenant, law firm Pillsburyvacated for 1200 17th St. NW. The renovation featured a new fitness center with a yoga studio and a golf simulator, plus an upgraded lobby and rooftop deck. 

After completing the renovation, LPC landed several new tenants at the building. It signed the Aspen Institute for 91K SF in 2016, inked a 58K SF deal in 2018 with education tech firm EverFi, which then added another 20K SF the following year. And in 2019 it signed law firm Jackson Campbell for 24K SF and advocacy group Plan International for 15,500 SF. 

"The amenities we brought to that building have really gone a long way," Biberaj told Bisnow in 2019.