Sales Transaction of the Year - Regional
14th & G Street
One of the most recognizable landmarks in Washington's old financial district, the National Bank of Washington building was constructed in 1926. As the grand headquarters to the Federal-American National Bank, the building was universally admired as an architectural gem, but ultimately played a role in bank’s demise due to the cost of constructing the elaborate building. The building then became the headquarters for the National Bank of Washington until the institution collapsed in 1990, and thereafter it sat vacant.
The National Bank of Washington building, including its interior, is protected as an historic landmark and is one of only 15 properties in the District with an historic interior designation. In order to redevelop the site, the buyer needed approval from the Board of Zoning Adjustment and the Historic Preservation Review Board. Retention of the historic bank building created design and construction cost challenges for developers.
Solutions: The marketing process targeted a wide range of developers interested in developing the site as office, hotel and residential. Additionally, due to the site’s quintessential location just two blocks from the White House and a half block from Metro Center, the site received interest from local, national, and international groups. Ultimately Lincoln Property Company, backed by foreign capital, was selected. Plans to construct a trophy office building on the vacant land parcels with the historic bank building serving as the main entrance and lobby to the building. Team members included Bill Collins, Paul Collins, Drew Flood, Eric Berkman, and Shaun Weinberg of Cushman & Wakefield.