L’Enfant Plaza Set For Foreclosure Auction

Source: Chip Somodevilla / Getty

A large portion of Washington, D.C.’s L’Enfant Plaza is set to be auctioned off due to foreclosure, reflecting the challenges in the area’s commercial real estate market. JBG Smith Properties, the owner, had written off the property last year, which includes two office buildings, retail space, and common areas.

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The property, backed by a $238 million loan from Blackstone Mortgage Trust, was last appraised at $365.6 million. Spanning 888,000 square feet, L’Enfant Plaza includes tenants like the National Transportation Safety Board and the D.C. government.

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However, the Hilton National Mall hotel is not part of the auction. JBG Smith, also developing Amazon’s HQ2 in Virginia, has faced significant losses on the property over the past two years.

Source: The DMV Daily

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