Post Brothers, a nationally recognized leader in development, innovation and sustainability, is pleased to announce the purchase of 2100 M Street, a West End Office Building, for $66.77 million.
Given the existing 300,000 SF building’s irregular shape and deep floor plates, the Post Brothers organization may plan to demolish the existing building or undertake a complex construction project to convert the office building into approximately 300 residential units at an estimated construction cost of $300 million. The new structure will incorporate creative unit features and expansive amenities, a signature to the Post Brothers’ Class A+ developments throughout the East Coast.
“We are thrilled about this exciting new opportunity to make an even bigger footprint in the Washington, D.C. market with this latest purchase,” said Mike Pestronk, Post Brothers CEO. “There is great potential for new residential in the D.C. market and we are looking forward to the creative conversion of this building into premier residential in the heart of one of Washington’s most sought-after neighborhoods.”
The current office building at 2100 M Street NW, which is located three blocks south of Dupont Circle, was constructed in 1969 and is 100% vacant. It was previously the headquarters for the Urban Institute for nearly 50 years before the organization moved to another location in 2017.
Post Brothers has been active in the D.C. market and last year acquired the Universal Buildings near Dupont Circle for $203 million from JBG Properties. The company then commenced with a $400 million effort to convert 700,000 SF of obsolete office space into approximately 600 multi-family units. The Post Brothers were honored by the Washington Business Journal for that transaction as the best acquisition/sale as part of its Best Real Estate Deals program.
Post Brothers was also awarded CoStar’s Top Multi-Family Development award this year for their Piazza Alta residential community in Philadelphia, one of Philadelphia’s top residential developments that has received unprecedented acclaim due to the building’s unprecedented amenities.