IMF Gets Going on 650,000-SF Second Home

WASHINGTON, DC-Development of the International Monetary Fund’s new 650,000-sf “second headquarters” building is moving forward now that CarrAmerica Realty Corp. has begun construction of the sprawling facility at 1900 Pennsylvania Ave. While a price tag has not been officially attached to the project, industry experts speculate that the structure will cost in excess of $150 million to complete.

“The cost to develop an office building in the District varies depending on the class and type of building,” Advantis/GVA director of research David Masters tells GlobeSt.com ” The building cost for a class A structure runs from $300 to $350 per-sf, including land cost.” The IMF acquired the 448,000-sf property, known as the Thomas Edison building, from George Washington University for $98 million in 1996. Area energy provider Potomac Electric Power Company had called the structure home since 1972 before relocating to a new building last year.