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Eastdil Secured has been hired by Office Properties Income Trust to market the sale of 20 Massachusetts Ave. NW, a mixed-use development in Washington D.C. near Union Station.
The project spans 428,000 square feet and includes a Royal Sonesta hotel with 274 rooms and four floors of office space. According to the Washington Business Journal, the property boasts modern amenities such as a penthouse and over 13,000 square feet of retail space. CBRE leasing materials indicate that the office space is currently unoccupied.
This potential sale comes less than two years after OPI and RMR Group completed construction on this $200 million project. The latest investor presentation from OPI states that the entire building has a gross book value of $286.85 million but is only leased at 56%. Both OPI and Sonesta are managed by RMR Group, an alternative asset management company based in Newton.
According to Connect CRE , this prime location near Union Station makes it an attractive investment opportunity for potential buyers looking for both commercial office space and hotel accommodations in one development package.
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