“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.
One major trend is converting office space to residential units, and the Washington, D.C. region, which reached more than 20 million square feet of vacant office space this year, was a leader in the trend in 2022.
Read more at Commercial Observer