1201 Connecticut Ave. NW trades for $21.5M in conversion play
JLL Capital Markets led the sales efforts for the Dupont Circle office building that will be converted to a 161-unit multi-housing community
WASHINGTON, D.C., August 5, 2024 – JLL Capital Markets announced today that it has completed the $21.5 million sale of 1201 Connecticut Ave. NW, a 190,385-square-foot, Class B office building in Washington, D.C.’s Dupont Circle neighborhood.
JLL represented the seller, a subsidiary of BrightSpire Capital, Inc. (NYSE: BRSP), in the sale of the property to an affiliate of Duball, LLC.
1201 Connecticut Ave. NW is positioned on a corner lot at the intersection of Connecticut Avenue, Rhode Island Avenue and M Street, where Dupont Circle meets the central business district. The property has excellent public transit access, located within walking distance of the Dupont Circle, Farragut North and Farragut West Metro stations with connectivity to the red, blue, orange and silver lines of the DC Metrorail system.
The Dupont Circle neighborhood is home to more than 22,000 residents, 150 restaurants, 80 shops and 70 embassies. Residents are surrounded by Washington, D.C.’s most popular residential neighborhoods, including Adams Morgan, the 14th Street Corridor, Logan Circle and Shaw.
The 12-story office tower is uniquely positioned for a multi-housing conversion given its 15,500-square-foot rectangular floor plates with uniform column grids. The buyer intends to utilize the ground floor for retail and add a pool and amenity spaces to the roof.
“Duball is excited to commence this important project in the heart of Washington, D.C. We are excited to honor the rich history of the building and return the façade to its original glory. The Lescaze-designed original building has a tremendous amount of character and is meaningful to Dupont Circle and the surrounding communities,” said Marc Dubick, President of Duball, LLC. “We support the District’s goal of increasing housing opportunities in the downtown area and believe this will be a terrific office to residential conversion.”
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Tom Hall, Matt Nicholson, Kevin Byrd, Jim Meisel, Andrew Weir and Dave Baker.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About BrightSpire Capital
BrightSpire Capital, Inc. (NYSE: BRSP) is an internally managed commercial real estate credit REIT focused on originating, acquiring, financing and managing a diversified portfolio of commercial real estate debt and net lease real estate investments predominantly in the United States.
About Duball, LLC
Duball, LLC, founded in 2004 by two long-term real estate executives, Marc Dubick and Steve Alloy, is one of the leading real estate developers in the Mid-Atlantic region with over three million square feet successfully developed. Serving as Master Developer, development manager and investor, Duball bridges the gap between capital markets and the complex process of developing an asset. From gaining entitlements to capitalization, construction, asset management and disposition, Duball oversees the evolution of every project from start to finish. Its diversified leadership team combines decades of experience in construction, engineering, acquisitions, finance, and project management.