4 June 2021
Grosvenor Americas extends 10-year lease with D.C.-based Medium Rare
Supports success of community-focused restaurateur.
Property developer and investor Grosvenor Americas has announced a 10-year lease extension with Medium Rare at the popular steakhouse’s flagship location, 3500 Connecticut Avenue, NW. Washington, D.C.
“We are very pleased for Medium Rare to continue operating at our Cleveland Park property, an important part of the fabric of the local neighbourhood. In addition to serving delicious food, the team behind Medium Rare share important values that align with Grosvenor’s ethos,” said Jessica Sawyer, Grosvenor’s Investment Manager, “The team offer a fun, friendly and relaxed atmosphere for restaurant patrons while continually finding innovative ways to give back to the local community and help those most in need”.
Since opening the Connecticut Avenue location in 2011, founders Mark Bucher, Steve Abramson and Thomas Gregg have opened two additional locations in Bethesda and Arlington.
Philanthropy has been baked into Medium Rare’s activities since the inception of the business. The team’s response to the pandemic included facilitating free meals for the elderly confined in quarantine, providing over 3,000 free Thanksgiving meals to DC-area seniors, delivering complimentary Mother’s Day brunch to women aged 70+, and many other initiatives. More recently, Bucher founded D.C.’s Feed the Fridge initiative which places refrigerators stocked with free and fresh meals from local restaurants across the city to help students and others facing food insecurity.
“20 years ago, D.C. was a city of quadrants, NW, SW, NE and SE. Over time D.C. has transitioned into a city of great neighborhoods. We are proud to call Cleveland Park our home and thankful to Grosvenor and their amazing team for their support over the past 16 months. We are excited to be here and meet the next generation of steak frite lovers!” said Bucher, Co-Founder of Medium Rare.
Brad Buslik with H&R Retail managed the 10-year lease extension at 3500 Connecticut. The H&R team was recently appointed to lease available space within Grosvenor’s Urban Retail Portfolio, which contains over 72,000 square feet of retail space across six properties located between Chevy Chase, MD, and downtown Washington, D.C., on Wisconsin Avenue, Connecticut Avenue, and 19th Street.
“Grosvenor is a best-in-class owner with phenomenal retail assets and deep knowledge of the Washington, D.C. Metropolitan area. We are excited to expand our relationship.” said Brad Buslik, Principal at H&R Retail.
Grosvenor owns and operates over $2.8bn of Investment property in the US and Canada, adding value through improvement and active management of a mix of residential, office and retail properties. The Company acquired two office buildings in Georgetown in March 2020, adding to Grosvenor’s growing DC portfolio that includes 1701 Pennsylvania Avenue, NW and recently renovated 1500 K Street, NW.
Notes to Editors
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 $3.4bn 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 City Homes in Washington, D.C. We are also advancing larger multi-year projects in 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 344 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, 2020, Grosvenor Americas had assets under management of US$3.6bn.
Follow us on:
Linkedin: Grosvenor Group
About H&R Retail
H&R Retail, founded in 1983, is the largest retail-only brokerage firm in the Washington, D.C./Baltimore metropolitan area, specializing in landlord and tenant representation as well as investment sales. With offices in Baltimore and Bethesda, Maryland, the firm exclusively represents over 20 million square feet of retail space and 92 big-box, specialty stores and restaurants. H&R retail provides its clients with unparalleled market knowledge, exceptional service and support in negotiations.
Follow us on: