Press Releases
Marcus & Millichap Brokers $12.7M Sale of Luxury Condo Development in D.C.’s West End
June 16, 2025
WASHINGTON, June 16, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 2626 Pennsylvania Ave. NW, a proposed 32-unit residential development in Washington, D.C., for $12.7 million.
Formerly the Salvation Army’s national headquarters, the property was acquired by a developer in 2023 with plans to convert it into luxury condominiums. After the developer filed for bankruptcy, Marcus & Millichap was retained to lead the sale process.
“This property gave our team an opportunity to add value for our clients by utilizing our deep expertise in distressed assets,” said Marty Zupancic, senior vice president investments and head of the Zupancic Group. “We were fortunate to have an extremely talented group of attorneys working alongside us throughout the transaction.”
Zupancic, John Slowinski and Ryan Murray, investment specialists in Marcus & Millichap’s Washington, D.C., office, had the exclusive listing to market the property on behalf of the seller, a partnership of experienced local developers. The stalking horse bidder was secured, and the brokerage team brought in competing bidders, driving the final sale price to $12.7 million through an auction facilitated by the bankruptcy attorney.
“The initial feedback from buyers was that construction costs were too high and condo sales were too risky today in D.C.,” said Slowinski, associate. “However, we had strong confidence in the location, right next to Georgetown, the Four Seasons and unobstructed views of the Potomac River, as a hot spot for high-end condo sales. The buyer shared that same confidence and was motivated to reach a successful closing. This is the second condo development our team has closed in just the past two weeks, and our fourth closing in the month of May.”
Originally built in 1974, the 36,407-square-foot, vacant office building is fully entitled for redevelopment into a nine-story luxury condominium building with 32 units averaging more than 1,500 square feet. Planned amenities include a rooftop lounge, outdoor dining areas, a fitness center, concierge service, and below-ground parking. Situated on 0.2 acres in D.C.’s West End neighborhood, the site is adjacent to Rock Creek Park and within walking distance of Georgetown’s retail, restaurant and entertainment destinations.
Formerly the Salvation Army’s national headquarters, the property was acquired by a developer in 2023 with plans to convert it into luxury condominiums. After the developer filed for bankruptcy, Marcus & Millichap was retained to lead the sale process.
“This property gave our team an opportunity to add value for our clients by utilizing our deep expertise in distressed assets,” said Marty Zupancic, senior vice president investments and head of the Zupancic Group. “We were fortunate to have an extremely talented group of attorneys working alongside us throughout the transaction.”
Zupancic, John Slowinski and Ryan Murray, investment specialists in Marcus & Millichap’s Washington, D.C., office, had the exclusive listing to market the property on behalf of the seller, a partnership of experienced local developers. The stalking horse bidder was secured, and the brokerage team brought in competing bidders, driving the final sale price to $12.7 million through an auction facilitated by the bankruptcy attorney.
“The initial feedback from buyers was that construction costs were too high and condo sales were too risky today in D.C.,” said Slowinski, associate. “However, we had strong confidence in the location, right next to Georgetown, the Four Seasons and unobstructed views of the Potomac River, as a hot spot for high-end condo sales. The buyer shared that same confidence and was motivated to reach a successful closing. This is the second condo development our team has closed in just the past two weeks, and our fourth closing in the month of May.”
Originally built in 1974, the 36,407-square-foot, vacant office building is fully entitled for redevelopment into a nine-story luxury condominium building with 32 units averaging more than 1,500 square feet. Planned amenities include a rooftop lounge, outdoor dining areas, a fitness center, concierge service, and below-ground parking. Situated on 0.2 acres in D.C.’s West End neighborhood, the site is adjacent to Rock Creek Park and within walking distance of Georgetown’s retail, restaurant and entertainment destinations.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
