MGM Resorts International is setting down roots on Capitol Hill, a deal that might not seem as consequential as the opening of much-anticipated MGM National Harbor casino last month but could be just as significant for the gaming industry.
An affiliate, MGM Public Policy LLC, bought 501 C St. NE by Stanton Park earlier this month for $3.75 million, or roughly $548 per square foot, according to D.C. land records. MGM moved fast to close on the deal, going from its first tour to closing inside of a month, and was an all-cash buyer, said Ganon Rich, a principal with West, Lane & Schlager Realty Advisors LLC who represented the sellers.
It appears to be MGM’s first dedicated lobby shop in D.C.
Rich and fellow broker Clark Turner began marketing the building in 2016 for a private couple that had rented it out in the past to other office users, such as Florida Sen. Marco Rubio’s presidential campaign office. MGM was represented in the sale by Wydler Brothers Real Estate brokers John Breast and Hans Wydler.
MGM spokesman Gordon Absher confirmed the acquisition and said the company plans to disclose more plans for the building soon.
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