WASHINGTON, Feb. 8, 2018 /PRNewswire/ -- An affiliate of Rubenstein Partners, L.P., a vertically-integrated real estate investment manager focused on value-added office property opportunities, is acquiring a majority interest in 111 K Street, NE, an 11-story Class-A trophy office building located in the NoMa/Capitol Hill submarket of Washington D.C.
111 K Street is organized as a condominium regime and Rubenstein will be purchasing or controlling through the condominium regime approximately 80% of the property square footage. The almost 90,000-square-foot boutique building features a diversified tenant roster of full-floor occupants representing non-profits, associations and other business service sectors. Developed in 2010, the Gensler designed trophy property is freestanding with floor-to-ceiling glass offering exceptional views from every office space within the building. In addition, the property offers a superior amenity base, including a rooftop terrace with spectacular views including those of the US Capitol, two conference centers and a fitness facility. A ground floor fast casual restaurant is also planned to open shortly after Rubenstein's purchase.
The property is situated in the heart of NoMa at the corner of First and K Streets, NE, two blocks North of Union Station, one of the Country's most traveled transit centers. Tenants have easy accessibility to the Metrorail, MARC, VRE, Amtrak and the new H Street Streetcar, as well as major thoroughfares to Northern Virginia and Maryland. Once an emerging submarket, NoMa has grown into a 24/7 mixed-use area that is strengthening further with development in the immediate vicinity of the property, in addition to points to the East, including the renovation of Uline Arena, Union Market and several recently announced office, residential, retail and hotel projects.
"The bones of the building provide a great starting point for Rubenstein's re-branding efforts," notes Steve Evans, Regional Director, "but we intend to enhance these amenities with physical upgrades, better technology and more comprehensive tenant concierge services. In addition, we plan on dramatically improving the building's recognition to the real estate community through better marketing and a focus on leasing the remaining three (3) floors of vacancy to full and partial floor tenants."
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in markets in the Eastern United States that encompass more than two-thirds of U.S. office space inventory. Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10 million square feet of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.
SOURCE Rubenstein Partners