Jemal Real Estate Strategies and DivcoWest formed a joint venture to convert a 342,000-square-foot office building in Washington, D.C.’s West End into approximately 323 apartments.
The redevelopment of 1255 23rd Street NW is expected to include up to three dozen affordable housing units.
Madison Realty Capital provided a $40 million loan to support the acquisition and predevelopment of the property.
The eight-story building was constructed in 1982 and includes 257 covered parking spaces.
Approximately 22,000 square feet of ground-floor retail space will remain in place following the conversion.
The property is located near Georgetown, George Washington University, Dupont Circle, and the Foggy Bottom-GW University Metro station.
FILLAT+ Architecture is serving as project architect and CBG Building Company is the general contractor.
DivcoWest currently owns the property and will retain an equity interest alongside Jemal Real Estate Strategies.
JRES was founded by Norman Jemal to pursue opportunistic real estate and structured investment opportunities.
Since launching in late 2025, JRES has sponsored office and mixed-use conversion projects in Syracuse, New York, and Richmond, Virginia, totaling nearly 350 residential units.
KEY QUOTES:
“Adaptive reuse will play an increasingly important role in the future of Washington’s neighborhoods. Despite being an office building, 1255 23rd Street NW has the geometry and bones for a stunning residential building, a use that aligns the building with the future needs of the community.”
Norman Jemal, Senior Managing Principal of Jemal Real Estate Strategies
“Office-to-residential conversion offers a real opportunity to address the need for housing in our cities. By bringing together our teams’ capabilities, we will create both affordable and market-rate apartments at 1255 23rd Street NW and position the property for the long term.”
Nico Papageorge, Managing Director of DivcoWest
