JBG Smith Properties has sold The Lion Building at 1233 20th St. NW for $65 million to a joint venture of GreenOak and MRP Realty, an entity that plans to renovate and reposition the property as a Class B asset.
The eight-story, 155,000-square-foot building is located two blocks from the Dupont Circle Metro station. As of June 30, it was approximately 87 percent leased.
The JBG Cos. bought the building in 2012 for $64.7 million, part of the assemblage it would need to build 1900 N St. NW, a 256,000-square-foot, 11-story office building that is expected to deliver in mid-2019.
MRP plans a “a robust spec-suite program and select renovations to attract value-conscious tenants seeking amenities for their employees,” Lauren Bosso, vice president of acquisitions and investments, said in a release.
The space should be in demand. Writing for the Washington Business Journal in September, Matt Levin and Chris Hanafin of tenant rep firm West, Lane & Schlager reported a dramatic downturn in the…Read the full story from the Washington Business Journal.