1401 New York Avenue NW Sold, Will be Renovated

Bisnow is reporting that 1401 NY Ave NW has been sold and will be renovated. This post is primarily sourced from the Bisnow article and the Minshall Stewart Web-Site.

Bethesda Jumps into DC
A suburban buyer has bought another big downtown office building—and has big renovation plans.
Sources tell us that Minshall Stewart Properties and Chicago-based investment partner Heitman have purchased 1401 New York Ave off-market from Lone Star Funds, which bought the building just last March. No word on what the partners paid for the 300k SF asset, although for what it's worth, Lone Star paid $71M for the building in March. 

Rendering from Minshall Stewart's website showing what it might look like.

We're also told Minshall Stewart plans a big renovation of the property to attract DC tenants looking for that glassy, efficient space that's so en vogue.

Source: bisnow
               Minshall Stewart Properties web-site

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