McLean, VA (PRWEB) May 24, 2016
Savills Studley’s National Hospitality Group is pleased to announce the sale of the former 197-room extended stay St. James Suites, on behalf of its client, 24th and K Street Associates, LLC. The building is located at 950 24th Street NW, near George Washington University (GWU) in the District.
The property was originally built in 1986 as a short-term corporate housing facility. Along with the 197 suites, there is underground parking for over 100 vehicles. The site was sold this past week to Durant Berkeley Partners LLC, a company led by Donnie Gross of Bethesda-based Varsity Investment Group, formerly Potomac Holdings. The timely transaction came within weeks of GWU’s lease expiration at the end of May.
“This is another good example of the strength of the Washington, DC market and the opportunities it has for savvy investors,” said Savills Studley Executive Managing Director Marc Magazine, who leads the National Hospitality Group. Savills Studley Executive Vice President Bill Quinby represented the buyer.
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 28 offices in the U.S. and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals in over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
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