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Rubenstein Partners Secures Majority Ownership Stake in 111 K St. NE

Philadelphia Firm to Renovate, Rebrand NoMa Property
February 7, 2018
Rubenstein Partners has acquired a majority stake in a nearly 90,000-square-foot office building located two blocks north of Union Station in Northeast Washington, D.C.'s NoMa area.

The Philadelphia-based based real estate investment management and advisory firm paid $27.5 million to New Boston Fund for 80 percent of 111 K. St NE, an 11-story boutique office building home to Align Staffing, The National Association for State Community Services, NCPPSSM and MOI, among others.

“The bones of the building provide a great starting point for Rubenstein’s re-branding efforts,” said 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 floors of vacancy to full and partial floor tenants.”

Completed in 2010 at the corner of First and K streets, the Gensler-designed office building features floor-to-ceiling glass, a 3,000-square-foot conference center, a rooftop terrace, a fitness center, underground parking and street-level retail space. It has been certified LEED Platinum.

James Molloy of JLL represented New Boston Fund in the sale.

Please see CoStar Comp #4123558 for more information on this transaction.
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