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“You’re getting a call from someone who controls an asset that has no liquidity, and it’s a potential conversion or a piece of land,” Post Brothers co-founder Matthew Pestronk said. “Throw out the lowest number that they won’t be insulted by, say you need this much time to execute, and you’re getting answers of, ‘Huh, let us think about […]
Philadelphia developer Post Brothers bought the older 2100 M St. NW building for a potential residential conversion earlier this year.
While developments like Post Brothers’ $500 million, 1,100-apartment Piazza expansion are nearing completion, dozens of others are kicking off or in the works.
D.C.’s vacancy rate would have risen even higher in the second quarter, per CBRE, had Philadelphia’s Post Brothers not stepped in and paid nearly $67 million for 2100 M St. NW, a 300,000-square-foot office building that will be converted to multifamily. Post Brothers alone is responsible for taking more than 1 million square feet of obsolete D.C. office out of service.
Read more at Washington Business Journal