One Street Secures $37.8M for Washington D.C. Office-to-Condo Conversion

One Street Commercial Properties has successfully secured $37.8 million in financing for the adaptive reuse of a former office building located at 3333 K Street NW in Washington, D.C.'s Georgetown waterfront. The loan, provided by OakNorth and Hickory CRE Lending, will facilitate the conversion of the 70,000-square-foot property into 22 luxury condominiums.

The development plans include adding a sixth floor to the existing structure, which was originally built in 1988. Among the 22 units, two will be designated as affordable housing. The project also incorporates ground-floor retail space and a suite of luxury amenities such as a 24-hour concierge, valet parking, a fitness center, a swimming pool, and a resident lounge.

One Street acquired the property in May 2025 for $19 million. This conversion represents another significant office-to-residential project in the D.C. pipeline, reflecting a broader market trend to repurpose obsolete office properties that have seen reduced utilization since the pandemic. For developers and investors, such projects offer a viable strategy to revitalize urban cores and meet evolving housing demands.