Efforts to make room for the new development, which will replace the league's existing building at 2300 Wilson Blvd., are already underway. Navy League employees--a group of civilians working to support efforts of the US Navy, Marine Corps, Coast Guard and Merchant Marines--have relocated to an interim space for the short-term, allowing the demolition of the former 47-year-old headquarters, which has a 2003 appraisal value of $3.5 million.

"The Navy League has temporarily moved across the street into a building owned by Chares E. Smith Cos.," Cushman & Wakefield senior director David Webb tells GlobeSt.com. Webb and fellow senior director Andrew McAllister facilitated the construction financing deal. "From their temporary location, they'll be able to overlook development activity on the new building," Webb adds.

Once the new structure is up and occupant-ready, the league will take on 20,000 sf of the new digs and will lease the remaining space. One tenant that will take up another 20,000 sf has already been lined-up for the building and the rest of the space will be speculative office. As for future leasing activity, Webb explains that the demand will be there once the property is complete.