Taicoon snaps up latest downtown DC office building with big renovation on deck

Brookfield Properties, AustralianSuper sell 1400 K St. NW

By Joanna Pagar

CoStar Research

November 20, 2025 | 1:21 P.M.

A Northern Virginia firm has scooped up its latest office building in downtown Washington, D.C., with plans to carry out a big renovation in an effort to attract tenants to the nearly half-empty property.

Taicoon Property Partners paid $35.4 million for 1400 K St. NW in the city’s East End. The building, totaling 197,000 square feet over 12 stories, traded for $180 per square foot.

Taicoon plans to invest $10 million in the 1980s-era building, with improvements to include a new entrance canopy, an indoor-outdoor balcony on the sixth floor, an expanded conference and events center on the seventh floor, and a fitness center, as it looks to backfill the empty space. The property is 60% occupied, according to Brookfield Properties, one of the sellers in the deal, with tenants including the U.S. Federal Labor Relations Authority, the National Organization of Social Security Claimants’ Representatives, the National Council for Mental Wellbeing, the Center for Climate and Energy Solutions, and Middlebury College, among others.

The deal comes as office sales have started picking up in D.C.’s East End, one of the largest office markets in the country. Though properties continue to trade for steep discounts relative to what they sold for previously, according to CoStar’s latest report, the uptick in deals is a sign that investors are growing increasingly confident in the East End’s long-term outlook.

That includes Taicoon, an Arlington-based developer that earlier this year acquired 818 Connecticut Ave. NW near the White House for $16 million with plans to modernize the building’s facade and introduce new amenity spaces.

The firm, led by company CEO and co-founder Hai Chien Wang, also owns the 1899 L St. NW building near the Farragut North Metro station after buying it last year at a significant discount compared to its 2004 sale price. The company said at the time it would expand on renovations carried out by the former owner as it looked to entice new tenants.

The company also owns the former headquarters of the Air & Space Forces Association in Arlington, which it plans to convert into a residential building.

Brookfield Properties and AustralianSuper sold the 1400 K St. building as part of its capital management strategy, CoStar confirmed. New York-based Brookfield was the sole owner of the property before AustralianSuper, one of the largest pension funds in Australia, paid roughly $646.8 million in 2015 for a 49% stake in eight Brookfield properties in the D.C. area, including 1400 K St.

The venture also sold the Victor Building at 750 Ninth St. NW earlier this year.

For the record

Shaun Collins and Drew Flood of Cushman & Wakefield represented the selling venture in the negotiations.