Taicoon Property buys office near White House, its third acquisition in two years

Written by Dan Brendel and published by Washington Business Journal on April 1, 2025

Taicoon Property Partners LLC, a relatively new real estate company, bought an office building a block from the White House on Tuesday, exemplifying its bullishness on downtown real estate despite anxiety over the Trump administration’s policies.

The Arlington developer acquired the 12-story, 92,000-square-foot building at 818 Connecticut Ave. NW for $16 million — its third acquisition in the region in two years — with plans to complete a $10 million renovation by the end of 2025, CEO and co-founder Hai Chien Wang told me in an interview.

It’s a “restabilization play” at an unbeatably prestigious location, Wang said, with views of the White House and proximity to two Metro stations and two parks. The building previously was home to the Equinox restaurant.

Wang told me in February that he was “really optimistic” about downtown D.C., despite widespread anxiety stemming President Trump’s second administration thanks in part to the federal return-to-work mandate. His assessment hasn’t changed.

“There’s a difference between noise and signals,” Wang told me Tuesday.

He said downtown office values have bottomed out downtown, making now a good time to buy regardless of the shorter-term concerns related to the employment and real estate cuts being made under the Department of Government Efficiency.

Others are less sanguine, fearful of increasingly uncertain about the economic ramifications of tariffs and mass federal layoffs.

Taicoon’s newly acquired building is 75% leased, though that figure will drop to 65% when a tenant moves out in the fall.

The building provides “a unique opportunity for lobbyist, consultants and international firms to have a powerful presence adjacent to the White House with full control of their own floor,” according to marketing materials from Cushman & Wakefield, which represented the seller, 818 Connecticut LLC, a private firm.

Taicoon wouldn’t say the seller’s parent company or organization, citing a nondisclosure agreement, though past financing statements point to The Morris and Gwendolyn Cafritz Foundation. The foundation couldn’t be reached immediately.

Taicoon represented itself, with Suzanne Pyles and Angel Grant, the firm’s managing director and senior director of property management, respectively, leading the acquisition. CTBC Bank financed the deal with $9.6 million, according to a Taicoon press release.

The seller acquired the property for $14.1 million in 2004. It was not a distressed sale, Wang said. The price remained relatively flat between sales in part because the previous owner didn’t make many improvements, he said. Though the release mentions some previous “notable renovations,” including updates to the fitness center and lobby.

Taicoon plans numerous upgrades, in addition to the top-floor spec suite, including a new conference room, facade work, mechanical system and elevator improvements, and a redesigned ground-floor restaurant space, vacant since Equinox recently decamped.

Taicoon plans to start construction quickly. WDG Architecture PLLC is the architect.

Office spaces ranging from 1,500 to 8,000 square feet are currently available, with a full-floor penthouse spec suite slated to deliver the fourth quarter, per the release. Cushman is overseeing leasing.

In December, Tesla (NASDAQ: TSLA) signed a five-year, 11,000-square-foot lease for its government affairs office at 800 Connecticut Ave. NW, immediately south on the same block.

Wang worked for Sentinel Real Estate Corp. for more than 15 years before becoming Taicoon’s CEO in 2023. That same year, Taicoon made its debut office acquisition just across the Key Bridge in Arlington, buying the office at 1501 Langston Blvd. for $16.25 million, with a site plan application forthcoming to redevelop it with hotel-branded condos.

Taicoon snapped up the office building at 1899 L St. NW for $26.65 million in April 2024. It’s looking out for additional deals, including office and conversion opportunities in D.C.