Savills Capital Markets Arranges Acquisition Financing on 1010 Vermont, NW in Downtown DC

WASHINGTON (October 25, 2022) – Savills today announced that it secured financing on behalf of Altus Realty and its partner, McLean Partners, for their acquisition of 1010 Vermont Avenue, NW, an 11-story office building located in downtown Washington, DC. The real estate development and investment company purchased the office building from Pembroke, intending to convert it into multifamily residential housing.

Savills Senior Managing Director Lindsay Stroud advised the buyer, Altus Realty/McLean Partners, in purchasing the building’s 65,000 square feet, successfully securing funding and ultimately executing the company’s goals to acquire and convert the space. The sale comes as downtown DC is one of the most likely markets to lead the trend of transformations of commercial spaces into multifamily and mixed-use developments.

“This is one of the earliest examples of surplus office space in downtown DC purchased for conversion purposes, a trend expected to continue into 2023. On behalf of the Savills Capital Markets team, it was a pleasure representing Altus, and we are proud to have successfully executed on behalf of our client,” said Stroud.

Over the next year, Pembroke will cease office leases at 1010 Vermont Avenue, NW, and Altus Realty is expected to begin construction in the latter part of 2023 once the building’s current tenants have departed the space.

Built in 1927, 1010 Vermont Avenue, NW occupies a prime corner location in central Washington, DC, with views over McPherson Square Park, upper floor views of the White House, Washington Monument, and multiple other city parks. The property is also located blocks from the Metro, and numerous restaurants, hotels, and retail stores.