A 70,000-square-foot Georgetown office building along the Potomac River will become 22 for-sale condos and ground-floor retail after its developer locked in roughly $60 million in financing.
One Street Commercial Properties secured a $20.6 million Commercial Property Assessed Clean Energy (C-PACE) loan from DC Green Bank and PACE Equity Finance for the building at 3333 K St. NW, Bisnow first reported Thursday, Sept. 3. The C-PACE piece was recorded in D.C. deed records in August.
The developer also landed a $39 million loan from Hickory CRE Lending in August, according to deed records. Kevin Brandes, One Street's managing director of commercial properties, told Bisnow that part of the Hickory loan paid off the company's acquisition debt. How much of the remainder will fund construction is unclear.
One Street bought the 1980s-era brick building in May 2025 for $29.2 million. The property had been the longtime home of the nonprofit Legal Services Corp., which moved out in 2023.
Plans filed with the Old Georgetown Board call for adding a sixth floor of residences, a penthouse with a rooftop terrace, pool and garden, and a ground-floor retail space. The board approved the project in April. Units could be delivered by the end of 2027.
The C-PACE money will pay for upgrades to the building envelope, HVAC system, lighting, plumbing and elevators. Those improvements are estimated to save nearly $160,000 a year in operating costs, according to a DC Green Bank news release.
DC Green Bank CEO Brandi Colander called C-PACE financing "a valuable tool" for making such conversions possible, according to the bank's announcement.
The conversion fits a broader pattern in D.C. The city has 8,479 office-to-residential conversion units in the pipeline, second only to New York City, according to RentCafe data cited in a Bisnow report in April. Since 2024, D.C. has completed 11 office conversions, creating nearly 2,000 new apartments, NPR reported in February.
Georgetown's waterfront submarket alone has several similar projects in the works. One block away, Related Fund Management and Network Realty Partners plan to convert the four-building Flour Mill complex at 1000 Potomac St. NW into 135 residential units. Rockpoint, LCOR and Potomac Investment Properties are converting roughly 500,000 square feet of office space at 1000–1050 Thomas Jefferson St. NW into 299 units.
Georgetown home prices average $1.5 million, according to Zillow data cited by Bisnow. Retail vacancy in the neighborhood stood at 8.3% in spring 2026, well below the citywide rate of 14%, according to a Dochter & Alexander Retail Advisors report.
No condo pricing has been announced.
