Garfield Investments, in partnership with Broad Creek Capital, has acquired 1667 K Street NW, an office property located at the corner of 17th Street and K Street NW overlooking Farragut Square in Downtown DC. The nearly 200,000-square-foot building traded for $26.2 million, adding a prominent Farragut Square asset to Garfield’s growing office investment portfolio.
The transaction marks Garfield’s second major office acquisition within the past year. According to the firms, only 12 office buildings front Farragut Square, and just three of those have changed hands over the past two decades, underscoring the limited trading activity around the park. Within that small set of buildings, 1667 K Street is described by the buyers as one of the more distinctive assets on the square.
The acquisition was brokered by Andrew Weir, managing director at JLL. Following the sale, JLL has been retained to provide property management services for 1667 K Street NW. On the leasing side, JLL’s Seth Benhard will lead the marketing and leasing efforts for the building, positioning the property as a competitive option for tenants seeking space along K Street and directly adjacent to Farragut Square.
Garfield plans to undertake a comprehensive repositioning of the property, with approximately $10 million budgeted for capital improvements. While specific upgrades were not detailed, the planned investment is intended to enhance the building’s overall tenant experience and amenity offering. The strategy reflects Garfield’s view that well-located office assets with strong amenities and an elevated tenant experience can continue to perform in the current market.
Commenting on the investment approach, John Mason, managing partner and CEO of Garfield Investments, stated that the best-located buildings with the right amenities and tenant experience continue to perform. The acquisition of 1667 K Street NW, combined with the planned capital program and the engagement of JLL for management and leasing, is intended to position the Farragut Square property to compete for tenant demand in a tightly held segment of the Downtown DC office market.
