The Real Deal New York

Freed from Bureau of Prisons, DC office building plans new life

January 12, 2018 01:56PM

As the Bureau of Prisons prepares to move out, the owners of 500 First Street NW in Washington D.C. are preparing the building for its future. Government Properties Income Trust acquired the building when it bought First Potomac Realty Trust for $1.4 billion in July 2017. Government Properties hired RMR Group to manage the building. RMR plans a major renovation of the property and has selected Avison Young as leasing agents for the 130,000-square-foot space. [Bisnow]