A new and improved office and retail edifice will be erected with the address of 1700 K St. The two buildings currently being destroyed to make room for the project were snapped up in a sale late last year for an undisclosed figure. Prior to contact with the wrecking ball, 1700 and 1730 K St. were assessed at a 2004 value of $18.7 million and $30 million, respectively. The 12-story structure will offer 370,000 sf of office space and 18,000 sf of ground level retail space. A lobby, fitness center, and a four-level underground parking facility account for the structure's remaining square footage.

"Tenants will enjoy views of Farragut Park from oversized floor-to-ceiling windows, highly functional floor plans and common areas that are unmatched in detail," Charles E. Smith's vice president for leasing Kent Gubler notes in a prepared statement. "1700 K Street's design and meticulous development plans will result in an exciting new building that significantly enhances its surrounding neighborhood." Office pre-leasing activity has already nearly reached the 50% mark, courtesy of a lease commitment from law firm Winston & Strawn, which committed to 150,000 sf for a 15-year term last November. Charles E. Smith is also handling leasing activity. The building is scheduled to be ready for occupancy sometime during the winter of 2005.