The Dupont Circle Starbucks Building Sold for a Record-Breaking Price

LaKritz Adler Development, LLC pic

LaKritz Adler Development, LLC
Image: lakritzadler.com

Over the past two decades, Robb LaKritz has led a highly successful career as a real estate developer, investor, and policymaker. Currently leading LaKritz Holdings, LLC, as chairman and CEO, he spent 10 years serving as co-founder and managing partner of LaKritz Adler Development, LLC (LAD). Together with his partner, Robb LaKritz invested in and developed several properties throughout Washington, DC, including the Dupont Circle Starbucks Building.

Acquired by LAD in 2010, along with the adjacent Beadazzled building, the Dupont Circle Starbucks Building at 1501 Connecticut Avenue, NW, Washington, is home to the eastern United States’ first Starbucks store along with other high-end boutique commercial and retail space. Spanning the basement, first, and second floors in the buildings, Starbucks covers roughly one third of the total space and has agreed to lease the area through early 2035. The remaining space is filled by Beadazzled, Reishman Real Estate, and BBB Fresh Pan-Asian cafe, all of which have leases extending to at least 2018.

LAD owned the Dupont Circle Starbucks Building for five years, and in 2015 it was acquired by Harbor Group International in a record-setting sale. The fully leased buildings were sold for over $16 million, or $1,672 per square foot.

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