901 New York Ave. Going up in a Hurry

WASHINGTON, DC-Construction of the 530,000-sf office building going up at 901 New York Ave. has gotten under way, with significant lease commitments already in place. Clark Construction Group Inc. is the general contractor on the $150-million Boston Properties development, and will be rewarded with $54 million for its trouble. The base building is scheduled for completion in August of 2004 with substantial completion due the following month.

“We got the contract in August of this year, and the building is going up very quickly,” Clark spokesperson Elizabeth Tuico shares with GlobeSt.com. “The whole process has been pretty straightforward.” What is expected to emerge from the construction activity will be a polished granite, Davis Carter Scott-designed, 11-story edifice with 25,000 sf of ground-level retail atop four floors of sub-level parking space. And on the subject of parking space, that is exactly what the property was when Boston Properties acquired it in 2000 for $42.6 million–$30 million of which came from joint venture partner New York State Common Retirement Fund’s $120 billion stash.