One Street Commercial Properties has secured $37.8 million in financing to convert a vacant office building in Washington, D.C., into luxurious condominiums. The funding for the revitalisation of the property at 3333 K Street NW was provided by OakNorth and Hickory CRE Lending. It is a former office building spanning 70,000 square feet, located on the Georgetown Waterfront.
One Street acquired the property in May 2025 for $19 million, according to records. Built in 1988, the building at 3333 K Street is strategically situated between the C&O Canal and the Potomac River, a location that underscores its appeal for high-end residential use.
Details des Entwicklungsprojekts
D.C.-based developer One Street plans to add a sixth floor to the building and redevelop it into 22 condominiums. This includes the creation of two affordable housing units. Additionally, a retail space is planned for the ground floor to complement the offerings for future residents and the surrounding neighbourhood.
- —A 24-hour concierge service to ensure comfort and security.
- —Valet parking services for an exclusive parking solution.
- —A state-of-the-art fitness centre to promote well-being.
- —A swimming pool as well as a resident lounge and clubroom for social interaction and recreation.
This financing contributes to the increasing number of office-to-residential conversions in D.C.'s development pipeline. Since the pandemic, many outdated office buildings have been underutilised, making such projects particularly relevant. They address both the need for new housing and the efficient use of existing properties.
Erfahrung und Expertise der Projektpartner
One Street currently manages assets worth over $250 million and has completed development projects worth over $500 million in the last eight years, including several adaptive reuse projects in the D.C. market. OakNorth, one of the lenders, has provided over $23 billion in loans since its founding in 2015, underscoring its extensive experience in the financing sector.
