Tenleytown Gains Centrally Located Multifamily Opportunities
Washington, D.C. – February 16, 2016 – CBRE Group, Inc. announced the sale of three properties at American University to Urban Investment Partners for $45 million. The buildings located at 4000 Brandywine Street, NW, 4260 Wisconsin Ave, NW and 4545 42nd Street, NW, totaling 118,000 sq. ft. will be eventually converted into multifamily housing.
Two of the three properties were used for the University’s own purposes, allocated to general office and classroom space. The third building, at 4545 42nd Street, was mostly leased to third party professional service offices. All buildings are located in the affluent neighborhood of Tenleytown, which is home to more than 20 Zagat-rated restaurants, Whole Foods, CVS and Safeway, along with other amenities in close proximity.
“We are seeing a renewed interest from developers in the revitalization and development of Tenleytown. Converting buildings that were underutilized into opportunities for residential and commercial use will help the ongoing redevelopment of the neighborhood,” said Bobby Meehling, Senior Vice President, CBRE. “Usable space in The District is at a premium and anytime we are able to provide an opportunity to increase housing and amenities, we welcome the opportunity.”
CBRE’s team has previously worked with other local higher education entities including University of Maryland, George Washington University, University of the District of Columbia and Gallaudet University.
American University was represented by CBRE’s Bobby Meehling, Scott Frankel, Yalda Ghamarian, David Duber and DJ Callahan.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.