Real Estate

$75 Million Profit for MRP from $370 Million Washington Harbour Sale

MRP and Rockpoint purchased the Washington Harbour for $244.5 million, in June 2010.

The Washington Harbour could reportedly sell for $370 million, meaning owners MRP Realty and Rock Point Group will net about $75 million after just three years of ownership, the Washington Business Journal reports

MRP purchased the Washington Harbour for $244.5 million in June 2010 and recently wrapped up the majority of its $50 million in renovations to the Washington Harbour buildings at 3000 and 3050 K St. NW. 

The Washington Business Journal reports that the purchasers are a "joint venture including Principal Real Estate Investors LLC and a group of Korean pension funds advised by Simone Investment."

Last week the Georgetown Business Improvement District honored MRP for those efforts by giving them the first-ever Community Leadership Award for the company's transformation of the Washington Harbour, in particular the fountain and winter ice rink. 

Bob Murphy, managing principal of MRP Realty, award on behalf of his team, saying one of their goals upon buying the property was to get rid of the "seasonality" of the Harbour.

"We couldn't be more pleased with the results," said Murphy at the time. 

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Murphy also said he expected MRP to remain involved in the property. 

"We think we are very likely to stay involved in the place long-term, which is wonderful," Murphy said last week. 

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