Universal Buildings Washington D.C. Mixed-Use Conversion

Deal value: $410,000,000

Redevelopment of Universal Buildings in Washington D.C. converting over 1 million SF of office space into 525 apartments, with ground-floor retail and amenities.

The core investment motivation is to capitalize on the structural decline in office demand and the acute shortage of housing in Washington D.C. The strategic purpose is to unlock value from underutilized office assets by converting them into high-demand residential units, supported by city incentives such as the Housing in Downtown tax abatement. The timing is driven by persistently high office vacancies, remote work trends, and strong policy support for urban residential growth.