{"id":516300,"date":"2021-07-22T08:03:18","date_gmt":"2021-07-22T12:03:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/office-properties-income-trust-commences-427000-square-foot-mixed-use-redevelopment-of-20-mass-in-washington-d-c\/"},"modified":"2021-07-22T08:03:18","modified_gmt":"2021-07-22T12:03:18","slug":"office-properties-income-trust-commences-427000-square-foot-mixed-use-redevelopment-of-20-mass-in-washington-d-c","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/office-properties-income-trust-commences-427000-square-foot-mixed-use-redevelopment-of-20-mass-in-washington-d-c\/","title":{"rendered":"Office Properties Income Trust Commences 427,000 Square Foot Mixed-Use Redevelopment of 20 Mass in Washington, D.C."},"content":{"rendered":"

<\/p>\n

Office Properties Income Trust Commences 427,000 Square Foot Mixed-Use Redevelopment of 20 Mass in Washington, D.C.<\/b><\/p>\n

Capitol Hill Property to Feature Class A Office, Luxury Hotel and Expansive Amenity Spaces<\/i><\/p>\n

NEWTON, Mass.–(BUSINESS WIRE<\/a>)–Office Properties Income Trust (Nasdaq: OPI)<\/a> today announced commencement of a redevelopment project at 20 Massachusetts Avenue NW (\u201c20 Mass\u201d) in Washington, D.C. The project will redevelop 20 Mass from a seven-story, 340,119 square foot Class B office building to a 10-story, 427,000 square foot mixed-used property and is expected to be completed in early 2023.\n<\/p>\n

\nLocated in D.C.\u2019s prestigious Capitol Hill neighborhood, 20 Mass is adjacent to Union Station, which is a major regional transit hub and is a short walk to the United States Capitol and Supreme Court. It is also near popular neighborhoods such as Chinatown, Penn Quarter and the Mount Vernon Triangle, as well as the Capital One Arena, where the Washington Wizards and Washington Capitals play.\n<\/p>\n

\nWhen complete, 20 Mass will include 184,000 square feet of Class A office space on the top four floors with 45,000 square foot floor plates, 14,000 square feet of retail space, a 271-key Royal Sonesta Hotel, a fitness club and penthouse amenities including 360-degree views of the city, vegetated green roof and a conference center. 20 Mass will feature touchless systems and have an emphasis on WELL and LEED certifications.\n<\/p>\n

Christopher Bilotto<\/a>, President and Chief Operating Officer of OPI made the following statement:\n<\/p>\n

\n\u201cUpon completion, 20 Mass will be a state-of-the-art mixed-use destination with premier office space. We believe the property\u2019s distinctive office, hotel, retail and amenity spaces will attract an array of tenants and visitors to its core Capitol Hill location. We anticipate delivery in early 2023 and total project costs of approximately $200 million with returns of 8-10%, making this a highly accretive use of capital for OPI.\u201d\n<\/p>\n

\n\u201cThis project is a great example of how The RMR Group\u2019s deep bench and expertise benefit OPI. With more than 600 commercial real estate professionals throughout the U.S. and a diversity of direct real estate strategies, OPI will be able to leverage RMR\u2019s institutional knowledge for this project from start to finish to create value for OPI and its shareholders.\u201d\n<\/p>\n

\nThe 20 Mass redevelopment is designed by Leo A. Daily Architects. For more information visit 20Mass.com<\/a>.\n<\/p>\n

\nOffice Properties Income Trust is a real estate investment trust, or REIT, focused on owning, operating and leasing properties primarily leased to single tenants and those with high credit quality characteristics such as government entities. OPI is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR)<\/a>, an alternative asset management company that is headquartered in Newton, Massachusetts.\n<\/p>\n

Warning Concerning Forward-Looking Statements<\/b><\/p>\n

\nThis press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever OPI uses words such as \u201cbelieve\u201d, \u201cexpect\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cestimate\u201d, \u201cwill\u201d, \u201cmay\u201d and negatives or derivatives of these or similar expressions, OPI is making forward-looking statements. These forward-looking statements are based upon OPI\u2019s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by OPI\u2019s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond OPI’s control. For example:\n<\/p>\n