The lease will secure the new headquarters for a division of the Department of Defense

WASHINGTON, DC – January 10, 2024 – PRP announced today that it has signed a 45,8543 SF 15-year lease with the US General Services Administration on behalf of the US Department of Defense. The lease brings 4825 Mark Center Drive to 60% leased to collection of public-sector and private tenants.

4825 Mark Center Drive comprises 220,000 SF across eight floors, and features 40’ x 25’ column spacing, 10’ finished ceiling heights and expansive 27,000 SF floorplates. The property features several unique amenities, such as abundant dark fiber, abundant available power up to 30 MVA, while private sector tenants can benefit from its location within a Qualified Opportunity Zone. PRP expects to complete the lease-up of the building in 2024.

4825 is located within the Mark Center submarket, an amenity-rich location that is situated along I-395 in Alexandria and 10 minutes from Amazon’s HQ2. The location offers approximately 150,000 square feet of walkable retail amenities and is adjacent to the Mark Center Hilton and Conference Center, Alexandria Hospital and Alexandria Community College. The building is across the street from the Mark Center Transit Center, providing regional and local bus service as well free shuttle service to two nearby Metrorail stations.

“We are pleased to land this 15-year lease in a time of very limited new leasing activity in Northern Virginia,” stated Paul Dougherty, President of PRP.  “We acquired 4825 Mark Center Drive 100% vacant and have now signed six leases at the property. We are in active negotiations with medical office and retail tenants whose presence will help transform and reinvigorate this submarket of Alexandria.” Upon the completion of the renovations and leasing of the building, PRP will target LEED status and an Energy-Star rating.

ABOUT PRP

PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP manages its apartment investments through PRP REM, its property management subsidiary which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has invested in 56 assets with a value in excess of $5 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.

4825 Mark Center Drive

CONTACT:

Colleen Ramsey

PRP, LLC

202-741-8400

The 95,000 SF High Street shopping center is located in one of Washington, DC’s most affluent neighborhoods.

WASHINGTON, DC – July 24, 2023 – PRP announced today that it has acquired Spring Valley Village, a premiere high street retail center located in the Spring Valley neighborhood of Washington, DC. The property was acquired for $47.5MM.

Located along Massachusetts Avenue just south of the Maryland border, Spring Valley Village is anchored by Crate & Barrel and a host of successful upscale tenants, such as Millie’s Restaurant, CapitalOne Bank, Starbucks, Small Door Veterinary, Compass Coffee and Bluestone Lane. The six-building, 98% leased center was originally constructed in 1939 and was renovated and expanded in 2017. Spring Valley Village is one of the oldest shopping centers in the DC metropolitan area and is listed on the National Register of Historical Places. PRP will enhance the aesthetics and operations of the center while selectively remerchandising the center given its superior demographics and traffic counts.  

Spring Valley Village is located in Upper Northwest Washington and is easily accessible from all areas of Washington, DC, Northern Virginia, and the nearby Maryland neighborhoods of Chevy Chase, Bethesda and Potomac. The Property is walkable from some of DC’s best neighborhoods and is integral in the everyday life of nearby residents. The demand is buoyed by a retail desert, as there is approximately 2.8 SF of retail per capita within 1.5 Miles of the Property, nine times below the national average. The area boasts $357,100 in average household income with a population of 168,400 within a three-mile radius of the center. Spring Valley Village is also adjacent to American University, which has a growing enrollment of over 14,800 students.  

“We are incredibly excited to acquire this successful and well-located shopping center,” stated Paul Dougherty, President of PRP. “Spring Valley Village is truly a unique center in an unparalleled demographic in Washington, DC. We look forward to creating a higher shopping experience through our ownership and steward of this historic property.”

ABOUT PRP

PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP manages its apartment investments through PRP REM, its property management subsidiary which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has invested in 56 assets with a value in excess of $5 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.

CONTACT:

Colleen Ramsey

PRP, LLC

202-741-8400

A Seasoned Professional Bringing Significant Real Estate Investment Experience to PRP

WASHINGTON, DC – August 21, 2023. PRP, a real estate investment management company headquartered in Washington, DC, announced today that it has hired Tom Wasko as Director, Acquisitions and Investments. In this role, Mr. Wasko will be focusing on acquiring special situation and distressed investments for PRP’s balance sheet.

“We are excited to make this important strategic hire to further build upon our talented team as we embark on an interesting new phase of the commercial real estate cycle,” said Paul Dougherty, President of PRP. “Tom is an extremely accomplished commercial real estate professional, and we look forward to benefiting from his expertise as we navigate the evolving real estate investment climate here in the United States.”

Mr. Wasko commented, “PRP has an impressive investment history in multiple sectors, and a great following from some of the largest lenders and investors across the globe. I am excited to join PRP at this very interesting time in our industry and look forward to leveraging my experience in the sector to take advantage of what will certainly be an incredible buying opportunity in the coming cycle.”

Tom will be based in Washington, DC and will be responsible for helping to grow PRP’s distressed and special situation investment platform. Mr. Wasko brings to PRP 10 years and over $2.5 billion of transaction experience in commercial real estate. Prior to PRP, from 2018 to 2023, he served as an investment professional at a New York City based asset management firm, where he was a founding team member of a platform that acquired core and core-plus office and multifamily properties in various US markets. In 2014, Tom started his career as a capital markets professional at JLL where he executed over $1.6 billion in investment sale, equity placement and financing transactions for a range of product types, including office, multi-family, retail and mixed-use developments.    

ABOUT PRP

PRP is a real estate investment management company with a focus on value-add multifamily apartments, office and mission-critical corporate headquarters facilities leased to investment-grade companies on a long-term basis. Founded in 2005, PRP executes value add strategies and asset manages a national portfolio of assets on behalf of its institutional investors, family offices and financial institutions. PRP manages its apartment investments through PRP REM, its property management subsidiary which is solely focused on PRP’s portfolio of apartment properties. PRP has proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets throughout the United States. Since its formation, the company has invested in 56 assets with a value in excess of $5 Billion in all property sectors. PRP is privately held and is headquartered in Washington, DC. PRP is a creative buyer and seller of real estate and considers a variety of equity and debt investment structures. For more information on PRP, please visit PRPREI.COM.

CONTACT:

Colleen Ramsey

PRP, LLC

202-741-8400

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