By Ben Peters – Staff Reporter, Washington Business Journal

In-Rel Properties has been on a recent streak acquiring D.C.-area offices at bargain prices. Its latest is 2033 K St. NW.CBRE

In-Rel Properties, a Florida-based commercial real estate investor, has closed on its third Greater Washington office acquisition in the past 18 months.

The firm on Friday paid $20.5 million for 2033 K St. NW, an eight-story, 128,767-square-foot office at the corner of 21st and K streets NW. American Realty Advisors was the seller. The price works out to roughly $158 a square foot.

The sale price comes is well shy of the building’s $32.25 million 2025 assessed value. That’s the trend regionwide as older offices sell to bargain-seeking buyers.

“We really feel that our hands-on property management and sort of responsiveness to prospective tenants sets us apart in a market that unfortunately is going through a tremendous amount of turmoil,” In-Rel Principal Jackson Siegal told me. “We’re hoping to ride this wave of owners who have a reset basis and can transact to lead our success.”

CBRE’s Carroll Cavanagh, Dimitri Hajimihalis and Emily Eppolito will oversee leasing at the property, which is currently 77% vacant, according to Siegal.

Built in 1975, 2033 K underwent a $20 million renovation in 2019 with a new lobby, gym and conference center. In-Rel plans to develop a series of “town hall” spec suites on the second and third floors, CBRE said in a news release.

American Realty Advisors did not immediately return a request for comment.

In-Rel debuted in the D.C.-area market in the final days of 2023 with its $29.9 million acquisition of Bethesda‘s 7500 Old Georgetown Road, a 14-story, 338,000-square-foot office tower. It followed that up in December with 3865 Wilson Blvd., also known as Ballston Gateway, for $25.7 million. Both were considered bargain deals.