Carr Properties Plans DC Office-to-Resi Conversion
The vacant property is slated for demolition next year.
Carr Properties has acquired 2121 Virginia Ave. NW, a Class B, 135,875-square-foot office building in Washington, D.C., with plans to redevelop it into a 320-unit luxury community. The firm paid $23.5 million for the vacant property, Commercial Real Estate Direct reported. Demolition work will begin in the second quarter of 2026.
Pan American Health Organization sold the asset in a transaction brokered by Savills. The property had previously traded in 2020, when Pan American purchased it from The Lenkin Co., according to Yardi Matrix information.
Savills Senior Managing Director Parker Lange, Executive Managing Director Vernon Knarr and Vice Chairman Julie Rayfield worked on behalf of Pan American Health Organization in the current sale.
From vacant office building to upscale community
Completed in 1986, the nine-story building at 2121 Virginia Ave. NW underwent renovations in 2004, the same data provider shows. The mid-rise is in the Foggy Bottom neighborhood, 1 mile from the White House and the Lincoln Memorial, as well as near Interstate 66.
Upon completion, this adaptive reuse project will deliver an upscale community, with 33 apartments designated for affordable housing. Shared amenities are to include a rooftop deck and pool, fitness center, lounge area and on-site parking with 70 spaces. The redevelopment will preserve the existing subterranean garage.
Washington, D.C., ranked second nationwide—trailing behind New York City—for office-to-residential conversions, with 6,500 future apartments in the works at the end of May, a recent Yardi Matrix report shows. One of these redevelopments, transforming a 50-year-old office building into multifamily units, broke ground 1 mile from 2121 Virginia in February.
