MRP Realty, GreenOak JV acquires the lion building from JBG Smith

MRP Realty, developers of commercial, residential, and mixed-use real estate across the mid-Atlantic region, together with GreenOak Real Estate, a New York–based real estate investment and advisory firm, has acquired The Lion Building at 1233 20th Street, NW from JBG Smith. The Lion Building is a 157,000-square-foot office building, located in the CBD submarket of Washington, D.C.

MRP will immediately begin renovations to reposition the property into an amenities class B asset to take advantage of the demand for attractive class B office buildings in a market where that product inventory is decreasing.

“The Lion Building is ideally situated in a vibrant retail and restaurant corridor with multi-modal transportation options,” said Lauren Bosso, vice president of acquisitions and investments with MRP Realty.

The eight-story building is two blocks from the Dupont Circle Red Line Metro station and walkable to the Farragut West Orange/Blue/Silver Line Metro stations and has easy vehicular access for commuters. The Lion Building is located in D.C.’s Golden Triangle district with access to over 550 nearby restaurants, shops and bars. The building is LEED certified and currently offers a fitness center with towel service, a grab-and-go market and a bike room.

Holliday Fenoglio Fowler (HFF) represented the seller, JBG Smith, and secured the buyer, a joint venture between GreenOak and MRP Realty. Additionally, HFF worked on behalf of the new owners to secure acquisition financing.