Washington Harbour Goes Up for Sale
MRP Realty and investment partner, Rock- point Group LLC, will put Washington Harbour, the Georgetown retail, office and residential landmark on K Street and the Potomac River up for sale in March or April, as first reported by Washington Business Journal.
“The Potomac River property could fetch well in excess of $250 million,” according to the Business Journal. “MRP and Rockpoint teamed up in June 2010 to buy the two-building center for $244.5 million, or about $459 per square foot. One real estate expert familiar with the property estimated it could go for as much as $400 million.”
“When we purchased the asset three years ago we saw some phenomenal opportunity at the Harbour. It is an irreplaceable landmark as- set,” Bob Murphy, managing principal of MRP Realty, told the Journal. “We really love the project. We really have put our heart and soul into it, and we’re excited when we see value created.”
Along with $50 million in renovation and getting past the April 2011 flood, Washington Harbour premiered the ice skating rink at its center fountain last November. The ice rink and renovated restaurants made the riverside complex a year-round destination.