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Two Broadband Companies Lease Old Warehouse Space

WASHINGTON, DC-Bristol Group has signed its first two tenants to Union Station Telecom Center, formerly known as the old Woodward & Lothrop warehouse at 131 M St. NE in Washington, DC. Teleglobe and 360Networks have leased 190,000 sf.

By Mike Cleary | Updated on October 17, 2000

WASHINGTON, DC-Bristol Group has signed its first two tenants to Union Station Telecom Center, formerly known as the old Woodward & Lothrop warehouse at 131 M St. NE in Washington, DC. Teleglobe has signed a 10-year lease for 126,000 sf, and 360 Networks has inked a 15-year lease for 64,000 sf. Both tenants are broadband service providers.

It is the latest building to go under development for tech tenants in Washington’s resurgent NoMa corridor, a roughly triangular area so-called for being north of Massachusetts Avenue. Qwest, MCI, XM Satellite Radio and others have moved into the area already, but few have paid such a price.

The transactions are valued at more than $64 million, and involve “quadruple net” rents of about $30/sf, says Andrew Pellman, project manager for Bristol, a San Francisco-based real estate investment and development firm. In addition to taxes, maintenance, insurance– the usual element of a triple net lease–the tenants will also pay for roof maintenance, because they keep so much equipment there, he says. That’s about $15 per sf more than the first tenant that signed in the area at 1500 Eckington Place, and about $5 per sf more than other rents quoted in the area now.

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