ATLANTA - Songy HighRoads LLC, in partnership with Elliott Management Corporation, has purchased 1522 K Street, a well-located office building in the heart of the Central Business District of Washington, D.C. In the transaction that closed July 23, Songy HighRoads and Elliott Management Corporation acquired the 11-story office building from 1522 K Street LLC. The Atlanta, Ga.-based real estate firm and the New York-based multi-strategyfund are studying feasibility options, which include conversion to a hotel in the high-barriers-to-entry CBD of the nation’s capital.
“This strategic acquisition continues Songy HighRoads focus on value-added opportunities in intown sites in key,” said David Songy, CEO and Co-founder of Songy HighRoads LLC. “We have had our eye on 1522 K Street for some time and are excited for its repurposing and the opportunity it presents for our investors.”
The 91,000-square-foot building is a few blocks from the White House and adjacent to the St. Regis Washington, DC. An announcement on the reuse of the building is forthcoming. The Washington, D.C. economy was one of the few spared during the downturn. From 2007 to 2012, the local economy expanded 7.6. percent, which outpaced the nation by 2 percentage points. Overall, the market experienced a population increase of more than 700,000 between 2000 and 2010 according to the latest census numbers. Additionally, major corporations including Northrop Grumman and Volkswagen of America have moved their headquarters to the DC area over the last several years.
Songy HighRoads LLC is a commercial real estate firm based in Atlanta, Ga. specializing in the acquisition andof office, hospitality and mixed-use projects in the southeastern U.S. Since 1992, their principals have acquired and/or developed more then 5 million square feet with nearly $1 billion in project investment completed or underway.
Elliott Management Corporation is a multi-strategyfund that was founded in 1977 and now has more than $20 billion under management, with approximately 275 employees across New York, London, Hong Kong, and Tokyo. Continuously managed by Paul Singer since its inception, the firm has a proven track record of stability.