Washington, D.C., December 4, 2000 – 2100 M Street N.W. in Washington, D.C., an eight-story office building with approximately 300,000 square feet of space, has been acquired by The Bernstein Companies' Consortium Capital Fund and LMH Realty Group, LLC, an affiliate of Lerner Enterprises of North Bethesda, Maryland. Consortium Capital and LMH Realty Group, LLC are joint venture partners in the $56.6 million ($190 per square foot) transaction. The seller was 2100 M STREET HOLDINGS L.P., a division of Louis Dreyfus Property Group Inc.
"2100 M Street is an excellent opportunity for our $100 million Consortium Capital Fund, which provides equity funding for value-added commercial real estate projects throughout the mid-Atlantic region," said Adam K. Bernstein, President of The Bernstein Companies. "This building's prominent corner location in Washington's Central Business District, where the supply of new office space cannot keep up with increasing demand, makes it a very promising investment."
Jonathan H. Morris, a principal of LMH Realty, noted: "This acquisition is a joint-venture collaboration between two first-class local Washington real estate operating companies. We recently formed LMH Realty Group, LLC to identify and invest in these types of joint ventures to expand Lerner's position in quality real estate projects."
Built in 1969 and extensively renovated over the years, 2100 M Street has approximately 300,000 square feet of space and 213 parking spaces. The new ownership plans additional renovations to upgrade the common areas and accommodate new tenants. The surrounding area continues to gain prestige with the establishment of new high-quality hotels, residences, offices, shops, and restaurants, particularly the new Ritz-Carlton Hotel and Residences located just two blocks away.
The Bernstein Companies, winner of the Washington Business Journal's Best Real Estate Deal of the Year Award (1500 Eckington Place), comprise one of Washington, D.C.'s oldest and most respected real estate development, investment, and management organizations. Founded over 60 years ago, TBC has been directly involved in transactions exceeding $1 billion, and currently holds a commercial portfolio of more than 40 properties including office buildings, apartment complexes, and hotels. For more information, see the company Web site at TheBernsteinCompanies.com.
LMH Realty Group, LLC, an affiliate of Lerner Enterprises, was recently formed by Principals Jonathan H. Morris and Michael S. Hillman. Lerner Corporation, an affiliate of North Bethesda, Maryland-based Lerner Enterprises, is a real estate management and leasing company with over 500 employees. Lerner Corporation currently leases and manages over 10 million square feet of commercial, office, and retail space and 6,000 multifamily units.
Lerner Enterprises, founded by Theodore N. Lerner, is one of Washington, D. C.'s largest real estate developers and is involved in all phases of commercial and residential real estate including planning, development, construction, leasing, asset and property management.
Among its extensive office portfolio are White Flint North in Maryland, The Corporate Office Centre at Tysons II, The Corporate Office Park at Dulles Town Center, Flint Hill Office Park, Parkview Executive Center, 7799 Leesburg Pike, and 400 Army Navy Drive in Northern Virginia; Washington Square and 1133 Connecticut Avenue in Washington, D.C.
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