The Silverstone Group is turning a one-time think tank address into its next luxury condo bet, targeting one of Dupont Circle’s most coveted corridors.
Silverstone is converting and expanding the former headquarters of the Association of American Geographers at 1710 16th Street NW into seven luxury condominium units, the Washington Business Journal reported, aiming at buyers hungry for historic architecture and walkable prestige.
The firm closed on the four-story, 6,500-square-foot property in October for $2.4 million — $369 per square foot — after securing Historic Preservation Review Board approval in May.
Silverstone plans to push the building to roughly 8,500 square feet with a rear addition. 2Plys Architecture is dealing with exterior design, Silverstone’s design arm is handling interiors and the firm’s construction arm is acting as general contractor.
The AAG called the building home until last year, when it relocated to 1701 Pennsylvania Avenue NW. The structure sits across from the Scottish Rite House of the Temple. The district assessed the property at $2.5 million for this year.
The seller, an SSR Development affiliate, bought the property from AAG in 2023 for $1.8 million and pursued its own residential plan, but a foreclosure notice filed in February showed it owed $1.8 million on a $2.5 million Fulton Bank loan before selling to Silverstone.
Silverstone’s project tracks with a broader trend in the city: small D.C. firms scooping up the rowhome-scaled offices long held by nonprofits, trade groups and legacy institutions along and around 16th Street.
One comparable deal surfaced in November, when a syndicate led by District Real Estate’s Fritz Hubig bought Society for Science’s former N Street headquarters for $4.6 million with plans for condos.
Karan Keith Agarwal, Silverstone’s founder, framed the moment as a “golden era of high-end, luxury development” in the Dupont-16th Street pocket.
He expects pricing to land around $500,000 for one-bedrooms and up to $2.5 million for the three-bedroom penthouse.
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