In 2004, J Street put approximately three acres under contract in the emerging market of NoMa – first purchasing 60 L Street and then adding 52 L. The company purchased the property off market from an investor who needed to liquidate to resolve family financial issues.
J Street purchased the site and assembled the adjoining parcels, doing site work, and entitling the site by purchasing TDR’s that ultimately increased the development envelope to approximately 800,000 square feet and lowered the average cost of the land.
J Street underwrote the site to develop approximately 800,000 square feet of office space and began the master planning process for the site anticipating both residential and commercial development. While the company was engaged in that process, other developers and institutional investors realized the merits of the submarket and we were approached to sell the property. Eighteen months after we had purchased the property, J Street sold it, resulting in an excellent return on investment to our investors.