ONE Street Commercial Properties has secured a $37.8 million co-loan from digital bank OakNorth and commercial real estate lender Hickory CRE Lending to advance the conversion of a Georgetown waterfront office building into condominiums with retail space. The financing is tied to 3333 K Street NW, a five-story boutique office property overlooking Washington, D.C.’s Georgetown waterfront.
The property spans approximately 70,000 square feet and was originally built in 1988. It is positioned at the southern edge of historic Georgetown, fronting K Street/Water Street NW. The location places the building between the C&O Canal to the north and the Potomac River and Georgetown Waterfront Park to the south, anchoring it within one of the city’s most established mixed-use urban environments.
ONE Street Commercial Properties, a real estate firm based in the Washington, D.C. Metro area, reports more than $250 million in assets under management. The firm acquired 3333 K Street NW in 2025 in a transaction brokered by CBRE, setting the stage for the current adaptive reuse initiative. The latest financing package from OakNorth and Hickory CRE Lending is intended to support the repositioning of the former office building into a high-end residential-led asset.
Current plans for the project call for adding a sixth story on top of the existing five-story structure and delivering 23 luxury condominiums. The redevelopment will also incorporate retail space, extending the property’s role as part of the active waterfront corridor while shifting its primary use from offices to for-sale residential. The combination of additional density, residential conversion, and ground-floor retail is designed to align the building more closely with the surrounding Georgetown urban fabric.
The transaction highlights ongoing investor and lender interest in reworking older office inventory in well-established neighborhoods rather than pursuing ground-up development on new sites. By focusing on an existing 1980s-vintage property with a strong waterfront location, the sponsors and lenders are targeting a project that leverages both historic context and contemporary demand for residential product in Washington, D.C.’s core submarkets.
With design plans centered on a relatively low unit count of 23 luxury condominiums, the project reflects a boutique scale compared with larger multifamily developments elsewhere in the region. At the same time, the inclusion of retail space aims to maintain active street-level uses along K Street/Water Street NW. The adaptive reuse strategy at 3333 K Street NW adds to the emerging pipeline of office-to-residential conversions in legacy office corridors where existing buildings are being repositioned to better match current market preferences.
