100 K Street, NE

Opportunity
Following the acquisition of 111 K Street, J Street approached the owner of the property across the street about their interest in potentially selling their site,100 K Street, NE. These discussions led to the successful acquisition of 100 K Street in July 2007 in a joint venture with entities affiliated with Goldman Sachs.  The site is approximately 20,000 square feet located on the northeast corner of First and K Streets, NE and was initially improved by a school bus repair facility that was under lease to Laidlaw Transit through August 2008.

Value Creation
The Venture obtained transferable development rights (“TDRs”) to increase the site density to permit maximum development potential and lower the average cost of land.

Exit Strategy
Originally planned and designed as a Class A office condominium, changing market demands in early 2011 led the ownership to believe that a sale as a residential site would be the best use for the property and a sales transaction for 100 K Street to a residential developer closed in August 2011.