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Office Properties Income Trust to redevelop Washington office building
Office Properties Income Trust to redevelop Washington office building
Listen to this articleOffice Properties Income Trust, a Maryland Real Estate Investment Trust, on Thursday announced commencement of a redevelopment project at 20 Massachusetts Ave. NW in Washington, D.C., to create a 10-story, 427,000-square-foot, mixed-used property.
The property is currently a seven-story, 340,119 square foot Class B office building. The project is expected to be completed in early 2023.
When complete, 20 Mass will include 184,000 square feet of Class A office space on the top four floors with 45,000 square foot floor plates, 14,000 square feet of retail space, a 271-key Royal Sonesta Hotel, a fitness club and penthouse amenities including 360-degree views of the city, a vegetated green roof and a conference center. 20 Mass will feature touchless systems and have an emphasis on WELL and LEED certifications.
Company officials estimate project costs at $200 million with returns of 8% to 10%.
