Office-Hotel Development Near Union Station Listed for Sale
Office Properties Income Trust has hired Eastdil Secured to market 20 Massachusetts Ave. NW, an office and hotel project near Union Station in Washington, D.C., for sale.
The 428,000-square-foot project combines a 274-key Royal Sonesta hotel with four floors of office space, reported the Washington Business Journal. The property features modern amenities, a penthouse, and retail space of more than 13,000 square feet, according to CBRE leasing materials which also indicate the office space is vacant.
The prospective sale comes less than two years after OPI and RMR Group delivered the $200 million project. Per the Journal, OPI’s latest investor presentation says the full building, with a gross book value of $286.85 million, is 56% leased. RMR Group, also of Newton, is an alternative asset management company. OPI and Sonesta are both managed by RMR Group.
