Post Brothers is converting a Class C office building in Washington, D.C. into the Geneva, a 532-unit multifamily complex with 61 parking spaces and ground-floor retail. The project carries a $750 million price tag and is currently under construction.
Matthew Pestronk, president of Post Brothers, is leading the effort in one of the nation's most distressed office markets. D.C.'s office sector has struggled since the pandemic ended remote work flexibility and pushed tenants toward hybrid arrangements. The conversion addresses both the glut of vacant office space and the region's persistent housing shortage.
The Geneva transforms underutilized office stock into residential units, a strategy gaining traction across major metros hit hardest by office vacancy. The project's scale and budget reflect the complexity of converting older Class C office buildings to residential use. These conversions require structural upgrades, new mechanical and electrical systems, and compliance with multifamily building codes. The parking component at 61 spaces suggests the project targets urban professionals who may not rely solely on transit.
For D.C. buyers and renters, the Geneva represents new supply in a tight market. The 532 units will absorb demand currently driving rents higher across the district. Sellers of Class C office buildings in the region now have a viable exit strategy rather than watching assets decline in value.
Developers face headwinds. Office-to-residential conversions demand significant capital investment and often require bridge financing during the conversion period. Lenders scrutinize these projects carefully due to execution risk and market timing. Post Brothers' experience and capital strength make them equipped to absorb these risks.
The project signals that D.C.'s office crisis presents opportunity for well-capitalized players. With 532 new units eventually hitting the market, the Geneva will test whether conversion volume can meaningfully ease housing pressure in a region where office conversions remain