Following the September 11 tragedy, The World Bank had considered purchasing the building as a back-up location in the event of devastation of its Downtown Washington, DC location by terrorist attack. Despite the bank's decision to not acquire Presidents Park I, it still gives the building high marks. "We found the building in excellent condition, "World Bank real estate manager Jonathan Lyttle says in a statement. "It was ready for immediate occupancy."
And it still is. Mike Shuler of Millennium Realty Advisors, owners of Presidents Park I through III, tells GlobeSt.com that many tenants are interested in taking space in the four-story building. "We had some pretty good activity after the news [about the World Bank]," Shuler says. "We're talking to several large users who are considering 50,000-sf or more."
He points to the building's infrastructure to explain the strong interest among possible tenants. "The infrastructure that a tenant would normally pay out of its own pocket is already in place in this building," he notes. "There is a Network Operating Center to accommodate 90 people, a 1250 KVA backup generator, and Technion modular office workstations that are already in place and wired. Shuler says such amenities result in a "huge cost-savings to the tenant."
While Shuler declined to give a range of the cost per-sf, WinStar--which filed for Chapter 11 bankruptcy protection in April of 2001--leased the building for $17.50-sf triple-net.
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