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A Chinatown office building previously home to D.C.’s juvenile justice agency was hit with a drastic cut to its property value.
450 H St. NW received an updated appraisal of $550K, a 97% drop from its initial $18.1M valuation, CMBS monitoring platform Morningstar Credit revealed Wednesday.
The new valuation comes after foreclosure of the building was finalized in April, according to Morningstar.
The 31K SF, 10-story building had been the headquarters of D.C.’s Department of Youth Rehabilitation Services since 2002. The agency opted not renew the lease, and as of April 30, the property is fully vacant.
DYRS now lists 1100 Fourth St. SW as its headquarters. A spokesperson for the agency didn’t immediately respond to a request for comment.
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