The occupants include the law firm Holland & Knight, which will take the first eight floors and the lower level, and provided the commitment that persuaded Kaempfer to start the project.
Recently, Kaempfer signed up three additional tenants. The private investment firm Perseus will take the 9th floor, the Summit Foundation will occupy the 10th and Danaher Corp., an industrial conglomerate, will take 31,000 sf on the top two floors.
"It was a combination of coincidence and the state of the market," says Mitchell Schear, Kaempfer's president. "Often the tenants have expansion space. To get to 100% usually takes a while."
Some buildings that started speculatively during the last ten years were sold or leased whole by single users during construction, but it's hard to find another example of a multi-tenant building completely committed as early as this.
On the market side, Schear says he was encouraged by strong tenant demand and conservative development activity. Recent groundbreakings include projects at 601 New Jersey Ave. NW, 1875 K St. NW and 1425 K St. NW."The fundamentals have never been stronger. The few projects just don't add that much supply to the marketplace," Schear says.
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