PRP Real Assets, a real estate investment management firm headquartered in Washington, D.C., has purchased the office property at 900 19th Street NW in the city’s core business district. The asset is described as a 116,385-square-foot office tower located in the heart of Washington, D.C.’s Central Business District, reinforcing its position within one of the city’s most established commercial corridors.
The building occupies a prominent corner at 19th and Eye Streets NW, in an area framed by two of the capital’s best-known thoroughfares, K Street and Pennsylvania Avenue. According to the description provided, the property is three blocks west of the White House, offering close proximity to one of the most recognizable landmarks in the city. It also lies just steps from the Farragut West Metro station, providing access to the regional transit network, and is within walking distance of the headquarters of the World Bank and the International Monetary Fund.
The previous owner completed what is characterized as a comprehensive base-building and aesthetic redevelopment of 900 19th Street NW before PRP Real Assets acquired the asset. This work is described as repositioning the property at an institutional level, suggesting that significant upgrades were made to both the building’s core systems and its visual presentation. The result, as framed by the buyer, is a modernized office tower within an already established business district.
In commenting on the acquisition, Jon McAvoy, Chief Investment Officer of PRP Real Assets, said that 900 19th Street is the type of asset the firm seeks in the current market environment. He highlighted that the property has been institutionally repositioned and is located in what he called the most durable corridor in the District. McAvoy also noted that PRP acquired the building at a basis that, in his view, cannot be replicated through new construction, emphasizing the relative advantage of securing an existing, upgraded asset over developing a comparable property from the ground up.
The transaction, as described, centers on the transfer of this single office tower to PRP Real Assets and underscores the firm’s focus on a redeveloped, centrally located building in Washington, D.C.’s primary business district.
