Georgetown Office Building Secured Financing for Conversion
A D.C. developer has raised $60 million to turn a 1980s office building into 22 luxury condominiums.
Updated on Oct. 13, 2026 in Commercial
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ONE Street Commercial Properties has finalized $60 million in financing to transform a 3333 K St. NW office building into a residential property. The conversion will result in 22 luxury condominiums and retail space, with construction expected to finish by late 2027.
Why it matters
This project repurposes an underutilized 1988 structure to address local residential demand, adding high-end units near the Potomac River. The move signals a broader shift in how older office spaces are being reimagined for modern housing needs.
The funding package includes a $37.8 million loan from OakNorth and Hickory CRE Lending, plus $20.6 million in C-PACE financing. The project will yield 21 market-rate condos and one affordable unit.
The players
ONE Street Commercial Properties
A real estate development firm focusing on urban revitalization and adaptive reuse projects.
DC Green Bank
A public entity providing financial solutions to accelerate investment in clean, sustainable, and energy-efficient building projects.
The details
The developer is adding a sixth floor to the current five-story building to accommodate the new residential layout. C-PACE financing is being utilized specifically to fund efficiency upgrades to the building envelope, elevator systems, HVAC, plumbing, and lighting. The site will ultimately feature 70 parking spaces to support the new occupancy.
Timeline
1988: The original office building was completed.
May 2025: ONE Street acquired the property for $29.2 million.
September 2026: The C-PACE financing for the project closed.
Late 2027: Construction is scheduled for completion.
The Home Front
This conversion follows the documented trend of repurposing aging boutique office stock into residential housing to meet urban supply gaps. By leveraging specialized financing for energy-efficient retrofits, developers are increasingly able to revitalize legacy structures that would otherwise remain obsolete.
Residents near the K Street waterfront should prepare for construction activity at the site through late 2027. If you are interested in the future availability of the 22 units, monitor the developer's public filings for sales launch dates.
The takeaway
Large-scale office-to-residential conversions are transforming the local skyline and housing options. Keep an eye on the development's progress as construction moves forward to see how these units integrate into the existing Georgetown neighborhood.
Further reading
Learn more about the latest Commercial shifts across the District.
Source note: This article includes information reported by 301 Moved Permanently.
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