Gallery Place Reels in the Retailers

WASHINGTON, DC-Pre-leasing activity for the 250,000-sf retail portion of Gallery Place–a $250 million, one million-sf development of retailers, office space and residential dwellings–is moving along at a rapid pace, despite the fact that the project is not scheduled for ultimate completion until the spring of 2004. Already, development team Gallery Place Associates, which consists of John Akridge Cos. and Western Development Corp., has secured 200,000 sf in lease agreements among eight retailers.

The leases, will constitute millions in rent over the next several years, as, Western Development chairman and CEO Herb Miller tells GlobeSt.com, retail space is being leased for anywhere from $30 to 80 per sf, depending on store location within the complex. “We’re at 94% occupancy, with deals out for the rest of the space,” he adds.