A New York investment firm has shelled out $101 million for a nine-story office tower at 2445 M Street NW in Washington's West End, betting big on a slice of real estate that looks out over Rock Creek Park. The building, which features large floor plates, an on-site conference center and a rooftop terrace, traded hands while largely leased, making it one of a handful of recent deals signaling that investors still have an appetite for stabilized downtown D.C. office properties.
Deal details
As reported by CoStar, Eagle Cliff Real Estate Partners bought 2445 M Street NW from Beacon Capital Partners for $101 million. The sale listing on CoStar identified Cushman & Wakefield brokers as the deal contacts and described the property as well leased at the time of closing. CoStar characterized the transaction as a vote of confidence in the long term prospects of Washington's office market, even as many older buildings are struggling.
Property snapshot
The building totals roughly 301,263 square feet across nine stories, with floor plates ranging from about 25,900 to 36,400 square feet, plus a 9,500 square foot conference center and a rooftop terrace, according to the property's marketing materials. Beacon Capital Partners notes that the asset holds LEED Gold certification and includes underground parking with EV charging and tenant amenity programming. Those bells and whistles go a long way toward explaining why the property remained attractive to an institutional buyer in the middle of broader office market headwinds.
Buyer background and local context
Eagle Cliff describes itself as an operator that targets central business district office properties where active management and repositioning can unlock additional value, according to the firm's website. Eagle Cliff Real Estate Partners highlights hands on operations and repositioning as core pieces of its game plan. The company has already been active in Washington, purchasing a downtown office property at a foreclosure sale in 2023, a move reported by the Commercial Observer, which suggests the new owner may focus on upgrades and leasing efforts here rather than aiming for a quick flip.
