Plank Group Sells Top Georgetown Corner Property to Capital One
By August 10, 2017 0 1078•
A retail property at Georgetown’s most famous corner — Wisconsin Avenue and M Street — has been sold for a record $50.2 million by Kevin Plank’s Sagamore Development Company.
The latest owner of the building at 3150 M St. NW is Capital One, a bank holding company, headquartered in McLean, Virginia, that is the ninth largest bank in the U.S. in terms of assets. The news was first reported in the Washington Business Journal.
A trophy property useful for marketing and branding purposes, the building will likely be more than a space for a bank. It has a new basement and the upper floors have been renovated for apartments. Capitol One already has a branch at the corner of Wisconsin Avenue and Q Street.
In addition, Capital One is in the running to acquire naming rights to the Verizon Center, which opened in 1997 as the MCI Center. Capital One founder and CEO Richard Fairbank is a partner in Monumental Sports and Entertainment, which owns the downtown arena as well as the Capitals hockey team. If Capital One gets the naming rights, the pre-1993 name of a demolished Landover, Maryland, arena — the Cap Center — may come back into service.
Capital One’s purchase of the 8,769-square-foot building comes “out to more than $5,720 a square foot,” according to the Washington Business Journal. An adjacent building that is part of the property is on a lease from EastBanc.
Plank’s Sagamore Development bought the property — once home to the legendary Nathans Restaurant and lastly to Serendipity 3 — from the Heon family for $12.2 million in 2014. “When we acquired the property, it required numerous renovations and a great deal of remediation to bring it into the 21st century,” Sagamore Development President Marc Weller said in a statement. “We’re thrilled that such a great local company will carry this beautiful building into the future.”
The Plank family has Georgetown roots and Under Armour was founded in Kevin Plank’s grandmother’s basement on 35th Street. Kevin and Desiree Plank own a historic house at 34th and O Streets that they call Sagamore South.