1801 K Street, Washington DC.
Square Footage: 562,565 sq. ft.
Architect: Henry Holle of Holle & Lin
Date Acquired: January 2006
Somerset purchased this asset in the Washington, DC office market in January 2006. The asset was developed in the mid 1970s with certain physical characteristics and lease profiles that allowed for both current cash flow and significant upside potential through a total repositioning and re-tenanting of the property at greatly increased rental rates. Somerset selected Skidmore Owings and Merrill (SOM) to execute Somerset’s vision for a world class asset. This vision was for a Class A office building exhibiting a timeless modernist quality. Somerset’s in-house architect worked with SOM and consulting engineers to develop a breakthrough method of replacing the current exterior panels with floor to ceiling vision glass without interrupting existing tenants. The redesign and repositioning of 1801K was completed in 2009. 1801 K Street was 100% re-let to credit quality tenants at rents that were $20 – $30 PSF higher than rents were at the property prior to Somerset’s renovation. The building was awarded “Rehab Deal of The Year – 2009” by the Washington Business Journal.