OVERVIEW

Under-managed and under-built property with embedded demand drivers

Address: 2131 K Street

Location: Washington, DC

Square Footage: 87,924

Investment Profile: Core-Plus

Purchase Date: October 2005

Sale Date: December 2011

Purchase Price: $20,200,000

Sale Price: $28,800,000

INVESTMENT THESIS

Potential User Exit

Additional Density

Superior Light and Views

GW Hospital and GW University located within two blocks

Ability to add 41,000 square feet
as of right

Free-standing corner building
with glass line on all four sides
and efficient layouts

EXECUTION

INCREASED FOOTPRINT

Brought lobby, second and third floor to property line, adding
11,000 square feet after execution of lease with new retail tenant

USER GROUP EXPANSION

Expanded both GW Hospital and GW University within building
to over 35,000 square feet

BASE BUILDING UPGRADES

Targeted rent impactful capital expenditures including upgraded
lobby, elevators, bathrooms and common areas

RESULTS

Sold for $28.8 million (43% above purchase price)