A downtown D.C. office building at 1750 H St. NW, recently renovated and located near the Farragut West Metro station and the White House, is facing foreclosure due to default on its mortgage. According to Washington Business Journal, an auction by Alex Cooper Auctioneers Inc. is scheduled for next month.
The 123,000-square-foot building has struggled with occupancy and cash flow despite attracting World Food Program USA as a tenant after renovations were completed. Office Properties Income Trust, one of the owners of the property along with FP CPT 1750 H Street LLC managed by Matthew Brown of The RMR Group Inc., cited insufficient cash flow as reason for defaulting on their mortgage held by State Farm Life Insurance Co.
State Farm filed for a receiver in April after missed payments and has now appointed Transwestern Carey Winston LLC to manage the property going forward.
