Henderson Park, the international private equity real estate firm, and Lowe, a national real estate investor, developer and manager, have started work on the office-to-residential adaptive reuse/conversion of 1250 Maryland Avenue SW in Washington DC. Henderson Park and Lowe formed their joint venture in early 2024 and recently closed on construction financing, paving the way for construction to begin.
Currently known as Portals I, the eight-story, 536,000-square-foot office building will become an 11-story, 658,000-square-foot modern apartment building with 428 contemporary rental apartments, 53,000 square feet of supporting retail and commercial space and 493 parking spaces. The conversion work includes the addition of three floors totaling 122,000 square feet to be seamlessly incorporated into the building design, with setbacks to create large patios on the 9th and 11th floors. A new façade will give the building a more contemporary appearance, while respecting the underlying form of the existing building and the Portals complex.