Rock Creek Property Group Closes Deals With Children's National, Howard At Northwest D.C. Projects
The developer closed a deal with Children's National Medical Center to lease the historic Takoma Theater as an outpatient clinic to house its new mind-brain institute. It plans to open the institute in 2019. JLL's Matt Coursen represented the tenant in the deal.
The 23K SF theater at 6833 Fourth St. NW was built in the 1920s and has sat vacant for over a decade. The developer completed a renovation of the building, restoring the exterior masonry, exposing the original steel trusses, adding a slab to create a second floor and installing new windows and skylights.
"Having a world-class tenant in this historically important building will invigorate and serve as an anchor to this important 4th Street corridor in Takoma," Rock Creek principal Gary Schlager said in a release.
The developer acquired the Shaw building in 2016 for $7M. It had previously been approved for conversion to a 27-unit condo project.
"As we considered the building, we felt that this particular building was better positioned for school, university or related administrative use over the long run," Schlager said.