Potomac Investment Properties played an integral roll in repositioning an existing asset that was becoming obsolete. Originally developed through a longevous partnership that included the Gewirz family in 1956, the building stood at the prominent corner of K Street and Connecticut Avenue in the Central Business District of Washington, DC. PIP worked with its partners to acquire, vacate, demolish, and rezone both the original property at 1000 Connecticut Avenue and the adjacent building at 1725 K Street, eventually delivering a Leed Platinum building in 2012. The award winning building, standing at 12 stories tall and 383,000 sf was designed by Pei Cobb & Freed Partners and is anchored by the law firm Arent Fox. The property, nominated for building of the year by AOBA, includes 14,000 sf of ground floor retail and ample below grade parking.
Potomac Investment Properties won an RFP to master plan and develop the Grosvenor Metro Station from the Washington Metropolitan Area Transit Authority (WMATA). PIP, after completing the master plan, developed The Meridian at Grosvenor Station and sold the remaining buildings and parcels they had acquired and rezoned in the area. Over 800 total units are located at the site in what was one of the first Transit Oriented Developments in the DC region. The Meridian is a 15-story, 301-unit residential apartment building that Potomac and its partners delivered in 2009. The property includes a 24-hour concierge, a rooftop clubroom, a fitness center, and a pool. The Meridian at Grosvenor station is currently 96% leased.
Potomac Investment Properties and its partners realized that two of their existing office buildings, located at 1700 K Street and 1730 K Street, were underperforming. They worked to vacate, demolish, and rezone the properties in order to deliver the Pei Cobb Freed & Partners designed building in 2006. The 12 story, 369,000 sf Trophy office building is anchored by the law firm Winston & Strawn and includes 14,000 sf of ground floor retail and below grade parking. The property won the Office Building of the Year award from AOBA upon delivery, and remains 100% leased.
The 12 story, 283,000 sf Class A office building located at 300 M Street was the first major new office building built in the now vibrant Capital Riverfront submarket. Potomac worked with WDG Architects to design, deliver, and fully occupy the building with tenants in less than 18 months. The land was originally purchased from the DC Government at a public auction in 1999, and after construction concluded in 2001 the property became a highlight of the dynamic and lively Ball Park District in SE Washington, DC.