PRP Executes Lease with Nobu Restaurant at 2501 M Street
Rappaport represented PRP, LLC to secure a lease with the renowned culinary innovator Nobu Restaurants for their long-awaited entry to the Washington DC market in a signature location at the forthcoming 2501 M Street condominium residences. The new restaurant will debut in the fall of 2016 with the delivery of the building following PRP’s $93MM redevelopment of the property. Nobu will occupy 11,500 SF of the building.
Rappaport President Henry Fonvielle and Executive Directors of Brokerage Bill Dickinson and Melissa Webb of Rappaport represented PRP,LLC in the transaction. “PRP is constructing an iconic property in a prime location, it is no wonder why Nobu choose this building to enter the DC market”, comments Fonvielle, “Nobu Washington’s presence will complement the allure and prestige of 2501 M Street.” The expansive state-of-the-art restaurant will feature floor to ceiling glass, a cocktail bar, a Sushi Bar, private dining areas and two outdoor private patios overlooking Rock Creek Park.
“We are proud to welcome Nobu to Washington and to 2501 M Street,” said Paul Dougherty, President of PRP, LLC. “Everything about 2501 M Street – from its magnificent condominium residences to its unparalleled location – will be the very best, and the culinary experience is no exception. Nobu is the standard world-wide for Sushi and Japanese cuisine, and will immediately become the top dining destination in the City of Washington. 2501 M Street’s location, adjacent to Georgetown and overlooking Rock Creek Park, will enable residents and guests from throughout the Washington region to experience the very best Sushi available”.
The property will feature 59 high-end condominium homes that will include floor-to-ceiling glass with 9’ 8” finished ceiling heights, vast entertaining spaces with park views, individual private outside terraces, a state-of-the-art fitness center, an opulent lobby with expansive living and meeting spaces, and the highest quality unit finishes available. This ‘walk to Georgetown’ location presents a great opportunity to own a luxury condominium residence with a distinctive personality and contemporary styling. Early sales will open the spring of 2016 and residences will deliver in the fall of 2016.
For more than 30 years Rappaport has provided retail leasing, tenant representation, property management, asset management, construction management, development, marketing, consulting and receivership services for retail space in shopping centers and mixed-use properties throughout Washington, D.C., Maryland and Virginia. Rappaport’s portfolio includes retail space in urban and suburban locations owned by Rappaport, affiliates and many local and institutional clients. For more information visit https://rappaport.wpengine.com
PRP, LLC is a specialized real estate opportunity fund manager and value-add investor serving institutional clients. The firm was founded in 2005 by Paul Dougherty, the President and Chief Investment Officer, and is headquartered in Washington, DC. PRP is a multi-strategy, multi-property type, multi-market investor that focuses on creating diversified portfolios of well-located, quality Class A & B properties at a low-cost basis. Not relying on market momentum to boost value gains, PRP looks to take advantage of market dislocations and mispriced assets that produce current cash flow. The company is known for its highly experienced team of innovative investment executives who collaborate closely to execute the firm’s carefully defined investment strategy focused on buying well. PRP invests in all property sectors, concentrating activity in metropolitan areas along the eastern seaboard, from Boston to Florida, as well as considering attractive acquisitions in other regions which meet its investment guidelines. Since inception, PRP has acquired 29 properties in 19 markets and directly manages all of their multifamily assets. PRP Real Estate Management is a full service real estate property management company specializing in all property types in geographically diverse, high-growth markets across the country. PRP Real Estate Management delivers a full range of property services including management, marketing, leasing, development/redevelopment, acquisition/disposition, finance/accounting and engineering. For more information on PRP, please visit our website athttp://www.prprei.com. For a copy of PRP’s Company Brochure, Please click here:http://www.prprei.com/PRP-corporate-overview.pdf