WASHINGTON, DC—Spaces, a European provider of co-working office space, is entering the local market and taking 43,999 square feet at Uline Arena. It is Douglas Development's first office tenant at the mixed-use redevelopment of the historic entertainment venue. Spaces joins REI, the retail anchor for the 250,000-square foot NoMa project.

Spaces originated in the Netherlands to nurture the local start up scene, and the concept has since spread to New York City, Amsterdam, The Hague, London, Melbourne, Sydney and Rotterdam. This will be its first office in Washington DC.

With both the office and the retail anchor in place, Uline Arena is well positioned to fill the remaining space. There will be 174,000 square feet of loft office space with rooftop decks and 70,000 square feet of retail with frontage on three streets. REI is taking 51,000 square feet, with the store expected to open toward the end of the year. The project itself is expected to deliver in the third quarter of 2016.

Located at 1140 3rd St., NE, Uline Arena is across from the NoMa-Gallaudet U Metro station and five blocks north of Union Station. Douglas Development is calling it DC's first trophy quality loft space.

Last year the company announced it had some $94 million of financing -- or 75% of the project's total development costs -- secured for the project. Natixis Real Estate Capital provided a $75.5 million construction finance loan and EB5 Capital arranged $18 million in preferred equity.

Douglas Development was represented by JLL's Evan Behr, Doug Mueller and Nate Beach in the Spaces' transaction. JLL's Kevin Brant and Brannan Moss represented the tenant.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

Development
Leasing
Washington, DC