GW Medical Faculty Buys 120,000-SF Building in DC
- Oct 15, 2010
October 15, 2010
By Allison Landa, News Editor
The GW Medical Faculty Associates have some more room to roam. The physician-led multi-specialty practice has just acquired a 120,000-square-foot, nine-story Class A office building in Washington, DC for $49.5 million.
The building, which is located at 2300 M Street, N.W., is situated four blocks from the GW Hospital. GW was represented by David Lipson, Arthur Greenberg, Vernon Knarr and Adam Schindler of Studley, while the seller, a partnership of the Carlyle Group and AON, was represented by John Kevill and James Malloy of Jones Lang LaSalle.
According to Knarr, consolidating the practice into two proximate locations was far preferable to scattering offices around the city. He asserted that buying a building in today’s market is more financially prudent for nonprofits which may qualify for tax-exempt financing and may be exempt from real estate taxes.
GW plans to move several clinical practices into the building’s vacant space since it is currently occupied by the German Embassy. Once the embassy moves in 2013 and 2014, it will then fully renovate the building and begin to occupy the vacated 70,000 square feet.