Real Capital Solutions (RCS) has recently acquired 1501 M Street NW, an 11-story office building situated in the heart of Washington, DC’s East End submarket. The purchase price for this property was $29.3 million.
The transaction was brokered by Gerry Trainor from Transwestern. According to RCS’s Chairman, CEO and Founder Marcel Arsenault, this acquisition aligns with their strategic approach of investing in high-quality office assets located in prime locations at a significant discount to replacement cost.
Designed by Hartman-Cox Architects, the building boasts 178,510 rentable square feet and has recently undergone upgrades including a $13 million investment towards enhancing the lobby area, restrooms and fitness center as well as adding a three-story “Town Hall” amenity space.
RCS plans to further improve the property by implementing a spec suite program and expanding the Town Hall concept onto floors seven and eight. Its prime corner location at 15thand M Street NW provides convenient access to public transportation options along with various dining and retail establishments on nearby streets such as the popular 14th Street Corridor.
This news was originally reported on Connect CRE.
