WASHINGTON, April 16, 2015 /PRNewswire/ -- MRP Realty, developers of commercial, residential and mixed-use real estate across the Washington Metropolitan region, and UberOffices, a co-working and real estate services company, today announced that they together have purchased the property at 1509 16th Street, NW in the trendy Logan Circle neighborhood of Washington DC.
"UberOffices is on the forefront of co-working and creating a community where small companies can do serious work," said MRP Realty principal Zach Wade. "By teaming up with UberOffices to purchase 1509 16th Street, we will be partners to take on the new trend of shorter leases and flexible workspaces."
"MRP Realty brings investment strength, operating experience and property management strength to bear and they are perfect partners for this new venture," said Raymond Rahbar, founder of UberOffices. "This is our first purchase of a property after a successful first two years, and partnering with MRP on the Logan Circle location brings added real estate value to the project. We have had a lot of support from the investment community who are seeking opportunities to be in the co-working space and we look forward to growing our footprint."
UberOffices will move into the seven-story, 35,000 square foot building by early 2016. In addition to the desirable location, UberOffices set its sights on the building due to its character and aesthetics, having been constructed in 1909 with a brick facade and unique window line. MRP will provide construction and property management services, while UberOffices will be the sole occupant in the building.
Cris White, Jackson Prentice and Zach Wade represented MRP during the transaction while Raymond Rahbar and Jaimie Shapiro represented UberOffices during the transaction.
About MRP Realty
Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in Washington, D.C., Maryland, Virginia, and Pennsylvania. MRP provides to its institutional capital partners a full array of real estate services including: acquisition/disposition, development/construction management, property management, asset management and financial reporting services. Since the company's inception, MRP has deployed $2.1 billion in total capitalization, with another $2 billion of active residential, office, mixed-use, and industrial projects underway. MRP Realty's combined development assets total more than 16 million square feet, with an additional 4 million under management. For more information, please visit MRPRealty.com.
UberOffices was founded with a mission to create a platform of useful solutions to the everyday entrepreneur. The first step is to make finding and leasing office space flexible, affordable, and pain-free. We understand what it is like to be a startup with a tight budget or a small business that doesn't want to commit to a multi-year lease in a stuffy corporate environment.
Our offices are targeted at companies looking for a simple real estate solution. UberOffices eliminates the hassles and pain of leasing real estate so that you can focus on what's most important - doing serious work. For more information, please visit UberOffices.com