August 9, 2004

The Bernstein Companies’ Consortium Capital Fund Aquires 1750 K St. NW Buidling

Author: Joseph Galli

Washington, D.C., August, 9, 2004…The Bernstein Companies of Washington, D.C. has acquired 1750 K Street in Washington, D.C. for $47.3 million, through its Consortium Capital equity fund, a series of funds assembled to buy, reposition, and develop commercial real estate in the mid-Atlantic region. 

1750 K Street is a multi-tenanted twelve-story office complex with approximately 152,000 rentable square feet, including 8,500 square feet of retail space and a four level below grade parking garage. The law firm of Wiley Rein is the major office tenant. 

“We are excited about the purchase of this property, which is in a great location and is well positioned to capitalize on the continuing stability of the K Street business and retail corridor,” said Adam K. Bernstein, President of The Bernstein Companies. “We are excited to be able to purchase such a quality asset in such a competitive environment.”

The Bernstein Companies launched its first Consortium Capital fund in late 1997, placing $30 million of equity in joint ventures and other real estate acquisitions.  They launched their second fund totaling $100 million of equity in 2000.  Based on the success of the first two funds, Bernstein’s investors recently subscribed to an even larger fund consisting of $110 million. The Bernstein Companies’ Consortium Capital funds are now actively seeking value-added joint venture and acquisition opportunities throughout the Mid-Atlantic region.  Consortium Capital is particularly interested in joint ventures, and considers transactions involving all property types with an emphasis on the office sector. 

The Bernstein Companies, past winner of the Washington Business Journal’s Best Real Estate Deal of the Year Award for 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, The Bernstein Companies 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. The company’s most recent focus is the creation and administration of its Consortium Capital funds. For further information, contact Joseph Galli at 202-333-9000.

Contact Information
Joseph Galli 202-333-9000