UDC Leases, Plans To Buy Van Ness Building From Bernstein
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Bernstein has inked a deal with the University of the District of Columbia for an office building next to its campus at the Van Ness Metro station.
UDC announced Thursday it signed a lease agreement with a purchase option, which it plans to exercise, for the 202K SF building at 4250 Connecticut Ave. NW.
The building, constructed in 1982, was previously owned and occupied by Fannie Mae. The mortgage financier sold the building in November 2016 to Bernstein Management Corp. for $24.8M as part of its plan to consolidate at the Midtown Center development.
The seven-story building includes 17K SF of ground-floor retail. It sits on a 1.5-acre site at the corner of Connecticut Avenue and Veazey Terrace, directly to the east of UDC's campus and next to the Van Ness Metro station.
"We believe we have a generational opportunity to not only acquire a significant asset, but to also accelerate the renovation and upgrade of our learning infrastructure,” UDC President Ronald Mason said in a release. “Gaining control of this property complements our LEED-certified Student Center and significantly expands our footprint. It transforms Connecticut Avenue into a new gateway for UDC."