Post Brothers enters D.C. office market with $228m purchase
Post Brothers has announced its move into the Washington, D.C., market with the $228 million acquisition of a two-building office complex, with plans to convert the property to apartments.
The seller was JBG Smith. The move is part of the REIT’s strategy to divest at least $1.5 billion in noncore office and land assets.
Located at 1825 and 1875 Connecticut Ave. NW, the two-building complex consists of Universal North, a 12-story, 368,071-square-foot building, and Universal South, a 10-story, 291,387-square-foot property. The property can accommodate an additional 73,428 square feet of by-right density. At the time of the sale, the two buildings were 40 percent and 98 percent leased, respectively.
Post Brothers has taken a major interest in Northwest Washington because of its long-term, positive performance with little inventory, as well as its high barriers to entry. This optimistic outlook al