31 July 2020
Grosvenor Americas expands into Northeast DC with two acquisitions
The purchases will add 320,000 SF of residential development to the Company’s growing DC portfolio.
Grosvenor Americas (Grosvenor) has announced two acquisitions in Northeast DC that will expand the company’s footprint in the area. The purchase of 340 Morse Street, which is designated for a 265,000 SF mixed-use residential building, is an important addition to Grosvenor’s expanding residential portfolio, which also includes a new condominium development located on Quincy Lane in the vibrant Eckington neighborhood. Together, the two projects showcase Grosvenor’s continued commitment to place-making in DC and delivery of thoughtfully designed housing through unique residential offerings across 320,000 square feet.
North of NoMa and just minutes from Union Market, is Grosvenor's first Northeast DC project called City Homes. The project, which is currently under construction, is set to deliver in early Spring 2021 and will feature 45 rare multi-story homes with interiors designed by internationally renowned designer Cecconi Simone. City Homes will be part of the larger Quincy Lane Project, which upon completion will be composed of approximately 670 homes, up to 80,000 SF of retail space headlined by Brooklyn Boulders and Union Kitchen, and offer a unique shared street experience for residents, neighbors, and visitors.
340 Morse Street, located at the corner of Neal Place and the newly created Union Street in Union Market, marks Grosvenor’s second acquisition in the north east quadrant of DC this year and strengthens the company’s ongoing investment in the city. The project, which was envisioned by an award-winning architecture team led by Brininstool and Lynch and SCAPE, has been designed to create interior and outdoor spaces centered around the well-being of the local community as well as future residents through the use of high-quality materials and thoughtful planning.
“Grosvenor Americas has been part of DC’s transformation for more than 30 years and our projects in Eckington and Union Market extend our track-record of investing in communities through high-quality and sustainable urban mixed-use development” said Jonathan Carr, Senior Vice President of Development at Grosvenor. “With 340 Morse Street and City Homes, we hope to further signal our commitment in Northeast DC while continuing our mission to have a meaningful, positive social impact on the communities where we develop.”
The purchase and construction of these projects exemplify Grosvenor’s long-standing reputation of effectively enhancing and contributing to the existing fabric of DC’s evolving neighborhoods. Since 1988, Grosvenor established itself early as a partner to the revitalization of the DC-area’s urban walkable communities through its ability to design offerings that encourage a low-carbon lifestyle. To date, the Company has worked on some of the city’s most notable office and residential projects in DC-area neighborhoods including Navy Yard, the U Street Corridor, Downtown DC as well as Silver Spring in Maryland.
Following the purchase of 340 Morse Street and City Homes, Grosvenor acquired two office buildings in Georgetown in March 2020. Grosvenor’s portfolio in the US and Canada currently includes a development pipeline valued at $4.6 B and 4,740 residential homes. The Company manages over $4.0 B of Investment property and has 4.9m square feet of new development, the majority of which will be targeted, designed, and constructed to LEED Gold standards.
About Grosvenor Americas.
Grosvenor Americas is an active developer and investor in several high-quality cities across the U.S. and Canada. Our strategy is to invest in vibrant urban locations where our activities can make a positive contribution to neighborhoods and communities.
Our active development pipeline focuses on projects in urban, transit-oriented and/or amenity-rich neighborhoods and includes current projects such as Crescent in San Francisco, The Pacific in downtown Vancouver, and Eckington Yards in Washington, D.C. We are also advancing larger multi-year projects in San Francisco, West Silicon Valley and Vancouver. Our Investment program adds value to residential, commercial and retail assets while also managing a portfolio of stable, high-quality properties across North America. Our Structured Development Finance business provides funds for much-needed residential development projects in our high growth markets.
We are part of Grosvenor Group, a privately owned international property company. With a track record of more than 340 years, the Group develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
As of December 31, 2019, Grosvenor Americas had assets under management of US$3.9bn.
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