World Center Building
Ideally located along the K Street corridor in the heart of the city’s Golden Triangle Business Improvement District, this 80,000 ft2 office building offers excellent views and prime street-level retail space. ICG Properties acquired the eight-story building in late 2002 with minority partner Fidelity Real Estate Group of Boston, and has since completed a substantial capital improvement program that included a comprehensive HVAC system upgrade. ICG acquired Fidelity’s interest in the World Center Building in a recapitalization valued at $27 million. In February 2011, ICG structured a further recapitalization with the JBG Companies at an attractive valuation that preserved ICG’s ownership and provided an exit for its institutional partner while positioning the property advantageously for ICG’s development of the adjacent 910 16th Street parcel with JBG.
Golden Triangle Business Improvement District
Starbucks and PJ Clarke’s