The George Washington University has completed its negotiations for the property at 2000 Pennsylvania Avenue and has entered into a long-term ground lease with Westbrook Partners, a real estate investment management company, and MRP Realty, a D.C.-based real estate company.
The approximately 400,000-square-foot building will continue to be operated as a commercial mixed-use building with office and retail tenants under existing leases.
“The university is excited to have entered into an agreement with a partner that is committed to repositioning the building and reinvigorating the retail experience at this space,” said Alicia Knight, senior associate vice president for operations.
2000 Penn was developed by GW in 1982 and has been managed as an investment property since its inception. Transactions such as this one allow GW to maximize the value of its investment real estate assets to generate non-tuition-driven revenue to support the academic mission of the university.