5 June 2020
Grosvenor Americas purchases two office buildings in Washington, D.C.
Advancing the Company's plans for North American growth.
Grosvenor Americas (‘Grosvenor’) has acquired the office buildings at 2001 Wisconsin Avenue, a 112K-square-foot four-story property, and 3300 Whitehaven Street, a 129K-square-foot five-story building. Known as the Georgetown-Green and Harris buildings respectively, the site is at the confluence of the Glover Park and north Georgetown, which fronts Wisconsin Avenue, a key commercial corridor in Northwest D.C.
Both properties operate as educational institutions. The British International School of Washington occupies 2001 Wisconsin Avenue, which was constructed in 1967 and renovated in 1987 and again in 2007. Georgetown University occupies 3300 Whitehaven Street, which was built in 1975 and renovated in both 1987 and in 2005. Grosvenor plans to implement smart technology designed to lessen utility loads and minimize the properties’ carbon footprint, in line with the Company’s net-zero commitment*.
“Grosvenor has invested, developed, and managed buildings in the D.C. Metropolitan region for more than 25 years,” said Scott Brody, SVP Investment, Grosvenor Americas. “This strategic acquisition is very much in line with our growth plan that involves acquiring well-located properties with select partners in our key North American markets.”
Grosvenor owns and operates a mix of office, retail and residential properties throughout the Washington region, including 1701 Pennsylvania Avenue, NW and recently renovated 1500 K Street, NW. This acquisition follows two other property purchases the Company has made this year in the region.
The Company manages over $4.0bn of Investment property and has 4.9m square feet of new development in its North American pipeline, the majority of which will be targeted, designed, and constructed to LEED Gold standards. Most of these projects are transit-oriented infill in major urban centres, forms of development that encourage low carbon lifestyles by enabling walking, cycling and transit use.
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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Notes to Editors
* See our Net Zero carbon committment here.