An affiliate of MRP Realty has quietly scooped up the big office building next to Union Station, reportedly paying roughly a third or less of the property’s assessed value. The deal is the latest sign that investors are circling transit-adjacent office assets they hope to reposition in Washington’s stressed market.
Sale details
As reported by the Washington Business Journal, an MRP Realty affiliate closed this week on 10 G St. NE and paid roughly 30% or less of the building’s assessed value. The Business Journal identified the buyer as an MRP affiliate and cast the acquisition as part of a broader wave of opportunistic purchases across the District.
Property and location
Offering materials for the property put it at about 256,503 square feet and describe it as directly adjacent to Union Station in the Capitol Hill/NoMa corridor, according to an offering page hosted on Revere. Those materials emphasize the building’s transit access and redevelopment upside, the kind of combination that tends to catch the eye of value-add investors.
How this fits a broader trend
Buyers have repeatedly snapped up older D.C. office buildings at steep discounts in recent years, wagering on repositioning, lease-up or conversion plays. Local reporting on similar bargains, including recent K Street and downtown transactions, has traced a consistent pattern of investors paying well below assessed values to lock in strategic locations near transit and major government hubs. The Washington Business Journal has covered several of those sales and the strategy behind them.
What comes next
MRP has pursued similar deep-discount acquisitions before, and market watchers say the firm typically looks to boost cash flow through targeted renovations, aggressive leasing or a repositioning toward higher-value tenants. Observers often point to MRP’s prior bargain purchase of Gallery Place as a template for how developers may approach sizable, well-located office buildings. That earlier acquisition and its strategy were detailed by Commercial Observer.
