A science advocacy nonprofit has recently acquired a 91,000-square-foot office building in Washington, D.C. that it had previously financed. The building was won at auction by another affiliate of the Society for Science with a bid of $10 million, significantly less than the building’s assessed value and the price it was purchased for in 2012. It is unclear how the Society for Science became the lender, as representatives did not immediately respond to requests for comment and ELV could not be reached.
The default and foreclosure on 1776 Massachusetts Avenue NW is just one of several recent instances of financial distress in the District. State Farm Life Insurance recently acquired a 10-story office building near the White House at a foreclosure auction, while a 10-story office tower at 1129 20th Street NW owned by Ares Management and Monument Realty is nearing foreclosure due to an outstanding balance on a $60.1 million loan. Additionally, the Portrait Building at 701 Eighth Street NW was handed back to lender Voya Investment Management in lieu of foreclosure after former owner Clarion Partners had borrowed over $33 million for the property. These instances of financial distress highlight a trend in the District and raise concerns about the stability of the real estate market.
