Developer Looks to Sell Washington Harbour Complex

MRP Realty plans to sell the Washington Harbour complex now that its $50 million renovation is complete, The Washington Business Journal reports.

MRP purchased the complex for $244.5 million, in June 2010 with investment partner Rockpoint Group LLC. Now The Washington Business Journal reports the owners have hired Holliday Fenoglio Fowler (HFF) to market the site, which could sell for as much as $400 million.

“We really love the project. We really have put our heart and soul into it, and we’re excited when we see value created,” MRP Managing Principal Bob Murphy told The Washington Business Journal.

As owners, MRP renovated the exterior of the office buildings, secured new tenants and built the ice rink that is now the centerpiece of the Georgetown waterfront during the winter months.

MRP also completely renovated the restaurant spaces on the waterfront level after a flood devastated those businesses in 2011. Employees of several of the restaurants filed suit against MRP.

Recently condominium owners at the Harbour filed an appeal with the Board of Zoning Adjustment to prevent a new six-story residential building on K Street that MRP reportedly was evaluating.

At the time the developers told The Washington Business Journal that they had "no intention" of pursuing the structure, fueling speculation among some locals that MRP was probably going to sell the Harbour in the near future.

HFF is currently marketing the Harbourside North building at 2900 K Street, just east of the Harbour complex and previously sold the Washington Harbour to MRP in 2010, according to the company website.

Are you surprised that MRP is selling the Washington Harbour? Tell us in the comments.