Capital One Purchases Iconic Georgetown Corner
As reported August 3 in Washington Business Journal, Sagamore Development, the investment company which owns the corner building on the southeast corner of M Street in Georgetown, has sold the property to Capital One, a bank holding company, headquartered in McLean, Virginia for $50.2 million.
Sagamore's extensive renovations prior to selling include a new basement, and the upper floors renovated for apartments.
The building, most recently Serendipity3 and formerly Nathan's, was widely expected to become a retail Under Armour store. Under Armour founder and CEO Kevin Plank (who owns Sagamore) purchased the property for $12.2 million in 2014.