About the Project
Having supported CGI Merchant Group (CGI) since 2018 with its growing hospitality portfolio, Partner’s Historic Architecture Solutions division was contracted to provide a suite of technical due diligence and construction project management services in association with the high-profile lease acquisition of this prestigious historic Federal government property. The Old Post Office and Clocktower is recognized on The National Register as a Category II landmark of historic and architectural importance, and was recently converted into one of the top luxury hotels in the USA by the Trump Organization. The 95-year lease acquisition would see the property rebranded as the Waldorf Astoria Washington DC. The transaction closed successfully at $375 million, which marked the highest price per key ever achieved in Washington DC. In 2016, The Trump Organization completed a major renovation and restoration at a cost of approximately $250 million to convert the building into a luxury hotel.
Partner developed a deep understanding of the building and its systems, and identified a number of issues and repairs that needed to be attended to. The initial Property Condition Assessments and investigations assisted the client in acquisition evaluation and future capital planning. Partner’s expertise in managing historic building construction projects in sensitive and high-profile environments helped the client deliver a successful rebranding project in changeable circumstances while minimizing disturbance to hotel operations.
The U.S. General Services Administration (GSA) is the landlord and property owner. The Old Post Office opened in 1899 was designed by prominent federal architect Willoughby J Edbrooke, and originally housed the U.S. Post Office Department National Headquarters.
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