Office Properties Income Trust (OPI) has started redevelopment work at 20 Massachusetts Avenue NW (20 Mass) in Washington, D.C.
The seven-story, 340,119 square foot Class B office building is located in Capitol Hill neighborhood and adjacent to Union Station, a major regional transit hub. It is a short walk to the United States Capitol and Supreme Court.
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The redevelopment project, which is designed by Leo A. Daily Architects, will see the transformation of the 20 Mass to a 10-story, 427,000 square foot mixed-used property.
Once completed, the redeveloped 20 Mass will comprise 184,000ft2 of Class A office space on the top four floors with 45,000 square foot floor plates, 14,000ft2 of retail space, a 271-key Royal Sonesta Hotel, and a fitness club.
The building’s penthouse amenities will include 360-degree views of the city, vegetated green roof and a conference centre.
Scheduled for completion in early 2023, the building will also feature touchless systems.
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By GlobalDataOPI president and chief operating officer Christopher Bilotto said: “Upon completion, 20 Mass will be a state-of-the-art mixed-use destination with premier office space.
“We believe the property’s distinctive office, hotel, retail and amenity spaces will attract an array of tenants and visitors to its core Capitol Hill location.
“We anticipate delivery in early 2023 and total project costs of approximately $200 million with returns of 8-10%, making this a highly accretive use of capital for OPI.”
Earlier this year, OPI acquired two Class A office properties for a total consideration of $550m.
The two properties include the approximately 531,190 square foot Class A office property, known as 1K Fulton in Chicago, as well as approximately 345,917 square foot Class A office property, known as Twelve24 in Atlanta.
OPI, which is managed by the operating subsidiary of alternative asset management company The RMR Group, is engaged in owning, operating and leasing properties.
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The redeveloped 20 Mass will comprise 184,000ft2 of Class A office space. Credit: Alireza Zarafshani on Unsplash.
