Gallery Place Update 06/18/24

MRP Realty Closes on Gallery Place

MRP Realty has officially closed on Gallery Place, the mixed-use property adjacent to Capital One Arena. The price recorded was $225.7M, the assessed value of the property, however, MRP paid only $39M for the asset. Gallery Place had been under receivership since May 2023. In March, Mayor Muriel Bowser & Chief Executive Officer of Monumental Sports & Entertainment Ted Leonsis announced that they reached a deal to transform and expand the Capital One Arena into a state-of-the-art urban arena that will be the home of the Washington Wizards and Washington Capitals through 2050. As part of the deal, The District of Columbia Government will provide $515 million toward the catalytic project, underscoring the District’s commitment to the complete renovation of the arena and the transformation of Downtown DC. Ensuring the arena’s continued prominence as a premier destination for sports, concerts, and events will anchor Gallery Place/Chinatown as a world-class entertainment district in Downtown DC.


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