Done Deals: MRP Realty and Rockpoint Group Joint Venture Retains HFF to Market for Sale Washington Harbour

Thursday, March 28, 2013

MRP Realty and Rockpoint Group Joint Venture Retains HFF to Market for Sale Washington Harbour

Washington Harbour development
Georgetown, Washington, DC

Stephen Conley

WASHINGTON, D.C. – MRP Realty, developers of commercial, residential and mixed-use real estate across the Washington Metropolitan Region, and equity partner Rockpoint Group, LLC, a Boston-based real estate investment management firm, today announced the joint venture’s plan to sell the mixed-use Washington Harbour development.

HFF ‘s team of Stephen Conley, Jim Meisel, Andrew Weir and Dek Potts will serve as the exclusive agent for the investment offering.

Jim Meisel

Prominently located along the Potomac River in Washington DC’s Georgetown neighborhood, the award-winning Arthur Cotton Moore-designed project comprises two freestanding Class A towers totaling 557,961 square feet of office and retail.

The property, located at 3000 and 3050 K Streets, NW is currently 96% leased to 26 tenants, including the law firms of Foley & Lardner and Kelley Drye & Warren, as well as the communications and advertising firm of GMMB Inc.

Andrew M. Weir

These three firms alone, occupy more than 374,000 square feet (67%) of the project through 2022 and beyond, affording investors both exceptional credit and long-term, stable, appreciating cash flows.

“When MRP first approached the property, we immediately saw the opportunity to improve an iconic property that had the potential to maintain and expand a roster of exceptional credit, long-term tenants,” said Bob Murphy, Managing Principal of MRP Realty.

“We invested $50 million into renovating and modernizing the property to improve the aesthetics and work environment for the business tenants, as well as create a multi-season destination for dining and entertainment for both Georgetown and Greater Washington.

Dek Potts

“MRP always believed in the value of the unique waterfront access and proximity to Georgetown’s many amenities, but now we can truly see and feel the 24-hour destination it has now become.”