Located on the prominent northwest corner of 16th and Eye Streets, this premium office space is just two blocks from the White House. Originally constructed in 1971, the 30,000 ft2 building a 52-space underground parking garage and an adjoining courtyard.
In spring of 2006, Elwan Group completed the acquisition of Georgetown Center I, a six-story building at 2121 Wisconsin Avenue. The 100,000 ft2 property is located in the upper Georgetown submarket of Washington, DC, near the Vice President's residence.
In a partnership with Northridge Capital and Stoladi Property Group, ICG Properties acquired Courthouse Tower in mid-2004. ICG served as asset manager and sold the property for substantial profit in 2006 following a successful repositioning effort.
Elwan Group partnered with Fidelity Real Estate Group in 2002 to purchase the World Center Building and acquired it fully in 2004. It has since implemented a capital improvement program and is managing the property aggressively to enhance its value.
The 180,000 ft2office building was fully acquired in a 2004 recapitalization that valued the property at $40 million and was recapitalized in 2006 with Westbrook Partners in a transaction that valued the building at $50.5 million.
This ambitious, award-winning redevelopment project has been celebrated for the synergy it achieved between the immaculately restored original building and a new eight-story office building, which are connected by a signature six-story glass atrium.
The Elwan Group worked closely with the Historic Preservation Review Board, the Sheridan-Kalorama Advisory Neighborhood Commission and the Sheridan-Kalorama Historical Association to successfully redevelop four historic properties in the city's Kalorama district.