Investors Plan Class A Office on Greyhound Site, Turn Century-Old Buildings into Condos
- Aug 12, 2011
First Potomac Realty Trust and Perseus Realty L.L.C. purchased the Greyhound Bus Terminal site at 1005 First St., N.E., in Washington, D.C., for approximately $46.8 million. The joint venture plans to develop 712,000 square feet of Class A LEED-certified office buildings on the 1.6-acre site in the North of Massachusetts Avenue submarket once Greyhound relocates its operations to Union Station. According to a press release, FirstGroup PLC, Greyhound’s parent company, signed a 10-year triple-net lease with the right to terminate after two years. The company will continue to use the site as a bus terminal until Greyhound relocates. First Potomac provided 97 percent of the equity in the transaction, while Perseus Realty contributed with the remaining 3 percent. Of the total purchase price, $38.4 million was paid at closing and $8.4 million is due to be paid in August 2013.
In residential real estate news, Citybizlist reported that Urban Investment Partners completed the renovation of the twin century-old buildings located at 1801 and 1811 Wyoming Ave., N.W., in D.C.’s popular Adams Morgan neighborhood. Eighteen of the newly renovated units have already been reserved for former tenants, and the remaining condos are now on sale. The new amenities at The Warrington and The Wilmington buildings include updated floor plans for each condo, GE Café series appliances, new energy-efficient windows and water-saving dual-flush commodes, iPod docking stations, expanded closets and storage areas, as well as new heating, cooling, wiring and plumbing systems. The new rooftop party decks, with city views in all directions, are equipped with electric power, gas for barbecues and wet bars. WY18 condos also feature quartz kitchen counterparts, rich dark wood base cabinets and white wall cabinets, along with under-cabinet lighting and all-new bath fixtures.