WASHINGTON, D.C. (July 17, 2026) — Monument Realty today announced the commencement of construction on the office-to-residential conversion of 2401 Pennsylvania Avenue, an eight-story mixed-use property located just off Washington Circle in the Foggy Bottom neighborhood of Washington, D.C.
Originally completed in 1990 and designed by Keyes Condon Florance, the 168,000-square-foot building has long been one of the most recognizable addresses along Pennsylvania Avenue, distinguished by its architectural detailing and subtle political iconography. The property currently includes 40 residential units above three floors of office space and ground-floor retail.
Following approval of a Planned Unit Development (PUD) amendment in March 2025, Monument is converting the building’s three office floors into 60 additional residential units, increasing the total unit count to 100. The project also includes the reconfiguration of the ground floor and concourse to accommodate new residential amenity spaces and strengthen the retail presence along Pennsylvania Avenue, along with associated upgrades to building systems. The conversion is designed by Nelson Architects, with interior design by ZDS and construction led by Donohoe.
The project has been selected to participate in the District’s Housing in Downtown (HID) program, a competitive initiative intended to accelerate residential development and increase vibrancy in downtown neighborhoods. Construction is underway and is anticipated to be completed in spring 2027.
“Increasing residential density in downtown Washington is essential to restoring long-term vitality,” said Russell Hines, President of Monument Realty. “This conversion allows us to reposition an iconic building for today’s market—bringing new full-time residents to Pennsylvania Avenue, while preserving the architectural character that makes the property distinctive.”
Monument Realty is nearing completion on The Gallery, a 12-story, 72-unit multifamily development located across from Capital One Arena in Chinatown, and continues to advance additional residential projects throughout the Washington, D.C. area.
About Monument Realty
Monument Realty is an award-winning, full-service real estate firm and a market leader in the Washington, D.C. region since 1998. The firm is defined by its innovation and its ability to embrace complex challenges to create opportunities for clients and investors. Monument Realty’s development portfolio includes more than 8 million square feet of Class A office space, 400,000 square feet of retail, approximately 8,000 residential units, and multiple hotel properties, with an aggregate value approaching $6 billion. For more information, visit www.monumentrealty.com.