DC Offices to be Converted into 300-Unit Apartment Community
The Georgetown project involves two former office buildings.
Rockpoint, LCOR and Potomac Investment Properties have formed a joint venture for the redevelopment of 1000 and 1050 Thomas Jefferson St. NW. The two former office buildings in Washington, D.C.’s Georgetown submarket are set to undergo a conversion into 229 apartments.
According to the joint venture, the project will be the first multifamily development to deliver more than 150 units to Georgetown in more than a century.
PIP developed the two properties in 1980 and 1981, and has owned them ever since, according to Yardi Matrix. They total roughly 349,000 square feet. The company secured approvals for the conversion from the Old Georgetown Board and the U.S. Commission of Fine Arts.
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Conversion plans call for the construction of a 179-unit, 10-story building and another 120-unit, nine-story building. Floorplans will range from studio to four-bedroom units with interiors including stainless steel appliances and quartz countertops.
The community’s shared amenities will include multiple resident lounges, a rooftop pool, a fitness center, a pet spa and a library. With this development, the joint venture is adding 18,100 square feet of retail space as well as preserving the property’s 282 below-grade parking spaces.
The site sits adjacent to Washington Harbour and the Potomac River with access to Georgetown Waterfront Park. Downtown Washington, D.C. and Dupont Circle are less than two miles away from the property.
DC expands conversion pipeline
While the Georgetown project is expected to be the first multifamily development delivering more than 150 units in the neighborhood in more than a century, office-to-residential conversions have become increasingly common across the larger Washington, D.C. metro area. The nation’s capital has averaged four office conversions annually between 2016 and 2024, according to a CBRE viewpoint from 2025. Going into 2027, the area has 32 adaptive reuse projects planned totaling 7 million square feet.
Several similar projects have been moving forward in the metro area. Last November, Carr Properties acquired 2121 Virginia Ave. NW for $23.5 million. The developer plans to transform the asset into a 320-unit community, with demolition scheduled to begin in the second quarter of 2026.
In nearby Fairfax, Va., Insight Property Group received $107.7 million for the construction of the 452-unit Hunter’s Branch project this past May.
In late January, a conversion project led by Post Brothers closed on $575 million in funding, including a record $465 million in C-PACE financing. Known as The Geneva, the redevelopment will deliver 530 units to the Beltway..
