text: In early 1996, Eastern Realty sold the South Building to VIB Management Fund, a Dutch real estate investment company, for $52 million. In September 1996, a second Dutch real estate investment firm, Sarakreek Holding N.V. (itself a subsidiary of the Tiger/Westbrook Real Estate Fund of New York City), purchased the plaza, North Building, hotel, and shopping mall for $185 million. That year, sports team owner Abe Pollin briefly considered building an arena (now known as the Capital One Arena) at L'Enfant Plaza, but built it in Chinatown instead.
  Redevelopment
  In 1998, the Urban Land Institute recommended redeveloping L'Enfant Promenade to create a more tourist-friendly environment as well as creating a link with the southwest waterfront. Although this concept garnered little attention at the time, it proved to be the genesis of a major plan that emerged around 2010 to radically change the nature and look of L'Enfant Plaza. A year later, Sarakreek Holdings replaced the Pei-designed fountain with a glass pyramid skylight over the center section of La Promenade.
  21st century
  In 2001, Sarakreek Holdings sought to sell its L'Enfant Plaza holdings. The same year, VIB Management Fund sold the South Building to Heyman Properties (a local D.C. real estate investment company) for $55 million. On November 3, 2003, JBG Smith, a local real estate investment and development firm, purchased L'Enfant Plaza, the L'Enfant Plaza Hotel, and the North and South office buildings from Sarakreek Holding for $200 million. Under the terms of various agreements and contracts of sale, the cost of upkeep for L'Enfant Plaza's automobile access ramps, landscaping, maintenance, stairwells, three-level parking garage, and the roadway around the plaza itself (but not L'Enfant Promenade) are paid 18.22% by Heyman Properties and 81.78% by JBG.