Blocks from the White House, an unassuming edifice in downtown Washington that once held offices used by the US Department of Justice is set to be converted into homes for hundreds of people.
Such conversions could offer a way forward for US downtowns, which haven’t been the same since office workers fled as Covid-19 broke out nearly two years ago, leaving landlords and local businesses struggling. “From the overall perspective, we just need increased supply. By having more supply, both the home price growth will come down and the rents will come down,” said Lawrence Yun, chief economist of the National Association of Realtors.Despite the downturn caused by Covid-19, the median price of existing homes climbed 15.
With their designs centered around outdated needs like space for file cabinets, “Really just the entire building is obsolete,” she said in an interview.Marc Ehrlich, chief investment officer at Rose Associates, which has converted New York City offices into housing, said such projects tend to be “well-located properties that need a higher and better use.”
However, the new apartments will feature co-working spaces, since many tenants will likely want to continue working from home, he said. The only signs of its former use are in the lobby, where the tiles are original, as is a directory listing the names of State Department offices once based there.
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