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April 12, 2007
ICG Properties Acquires Prominent Corner Site in Washington, D.C.'s CBD
Property Located Two Blocks from White House
WASHINGTON, D.C.-Washington, D.C.-based ICG Properties has completed its acquisition of the parcel located at the northwest corner of 16th and I Streets, NW, from The First Church of Christ, Scientist, in Boston. Prominently situated two blocks from the White House, the property includes the 30,000-square-foot office building at 910 16th Street, a 52-space underground parking garage, and the circa-1971 edifice occupied by Third Church of Christ, Scientist, Washington, D.C.
ICG Properties, which owns the adjacent World Center building at 1600 K Street, where the firm's headquarters are located, has been in dialogue with The First Church of Christ, Scientist, for more than a year prior to closing on the transaction. ICG is currently exploring a variety of options for the property, which has not undergone a major renovation or capital improvement program since its original construction. Third Church continues to occupy the church property and intends to remain a downtown church that serves the needs of the downtown neighborhood.
ICG Properties was founded in Washington, D.C. in 1995. The firm currently owns more than 500,000 square feet of stabilized commercial assets, including the World Center Building, Penn Branch Center, and 2115 and 2121 Wisconsin Avenue, NW. ICG also owns or controls another half-million square feet of developable commercial and residential density. Notable achievements include the successful renovation and expansion of the historic Gallup Building at 901 F Street, NW, for which the firm received broad acclaim from the real estate industry, government officials, and District residents.