One of the country's largest owners and developers of office properties completed the purchase of a downtown Washington, D.C., office building late last year and plans to tear it down and replace it with a premier workplace.
Boston-based BXP bought 2100 M St. NW for $55 million at the end of last year. In its place, BXP plans to develop a 320,000-square-foot office building set to be anchored by global law firm Sidley Austin.
The deal demonstrates BXP's long-term commitment to the nation's capital, earning the 2026 CoStar Impact Award for sale/acquisition of the year in the Washington, D.C., area, as judged by real estate professionals familiar with the market.
The owner expects to start construction on the upcoming trophy property sometime in 2028 and complete it by 2031. BXP is exploring options to preserve the underground parking structure while fully demolishing the above-grade building, according to the Impact Award submission team.
About the sale: The transaction of the M Street property marks BXP's second recent office purchase in the nation's capital. In December 2024, the real estate investment trust acquired the existing property at 725 12th St. NW, which it also plans to demolish and redevelop into a law-firm-anchored luxury workplace.
What the judges said: "This building and site languished on the market for a long period of time and went through multiple owners/hands," said Gary Helminski, an executive managing director with Cushman & Wakefield. "I'd [liken] BXP's efforts [to] pulling a rabbit out of their hat to acquire the site, and execute a lease with a flight to quality of what will be an exceptional building on an exceptional West End site. Many tried, BXP delivered."
They made it happen: BXP's Jake Stroman, Pete Otteni, Saara Brown and Matt Bonifant. Also Jordan Brainard and Lou Christopher, both now with Stream Realty Partners.