Tuesday, July 12, 2011
The "Editors Building," located one block from the White House at 1729 H St., NW in the Golden Triangle, has been owned and occupied by Kiplinger Washington Editors Inc. from the time it was completed in 1950. But after six decades, the family-owned finance publisher is selling its 10-story, 77,000 s.f. neo-classical building to a hotel developer.
The buyer currently under contract, OTO Development Company LLC, has put down a firm deposit, giving Dek Potts, a senior managing director with Holliday Fenoglio Fowler, L.P. (HFF), "reasonable confidence" that the sale is a sure thing.
Settlement is scheduled for October in order to allow Kiplinger time to relocate. HFF has been marketing the property since the summer of 2010. OTO Development LLC is a South Carolina-based hospitality development company with properties nationwide, and in April delivered its first project in D.C., the Hilton Garden Inn at Constitution Square in NoMa.
Located in the downtown core, the new Golden-Triangle property being acquired is C-4 zoned, allowing office, retail, housing, and mixed-use development (up to 110' and 8.5 F.A.R.) by way of right.
Designed by Washington architect Leon Chatelain Jr. in 1948, construction of the building in the subsequent two years was completed under the guidance of John McShain, celebrated general contractor-builder, who has been dubbed "The man who built Washington." McShain and his company worked on over 100 buildings in the thirty-odd years spanning the 1930s to '60s, including the National Airport, the Kennedy Center, the Jefferson Memorial, the Pentagon, the Library of Congress annex, and, the same year as the Editors Building, a revamp of the White House.
The Editors Building is not designated as a historic/landmark structure, allowing the buyer one less fee-trip in the path to redevelopment. A façade of limestone surrounds a red-granite-and-bronze entrance with matching red-granite window accents. Inside, the continuation of neo-classical elements includes an all-marble lobby with 12-to-16' ceilings.
Washington D.C. real estate development news