Opportunity
In 2004, J Street put approximately 3 acres under contract in the emerging market of NoMa – first purchasing 60 L Street and then adding 52 L.  We purchased the property off market from an investor who needed to liquidate to resolve family financial issues.

    

Execution
We purchased the site in anticipation of assembling the adjoining parcels, doing site work, and entitling the site by purchasing TDR’s which ultimately increased the development envelope to approximately 800,000 square feet.  

Status
We underwrote the site to develop approximately 800,000 square feet of office space and began the master planning process for the site anticipating both residential and commercial development.  While we were engaged in that process other developers and institutional investors realized the merits of the sub-market and we were approached to sell our property.  18 months after we had purchased the property, we sold it resulting in an excellent return on investment to our investors.