$60M Terrell Place Makes its Official Debut

WASHINGTON, DC-Terrell Place, the new 475,000-sf class A office property, has reached completion just shy of two years after the groundbreaking on the $60 million project. Popular well before the walls went up, the facility at 575 Seventh St. in the District’s East End submarket has already welcomed its first tenant, law firm Venable LLP, which pre-leased nearly half the property–242,000 sf of space–long ago. CarrAmerica Urban Development LLC developed the property, which is owned by a joint venture involving parent company Carr America Realty Corp. and a client of JPMorgan Fleming Asset Management.

At the intersection of Seventh and F streets, Terrell Place holds 440,000 sf of office space and 35,000 sf of ground-level retail space. As of earlier this month, the property’s office portion was leased to 50% capacity. Asking rent for office space in the building ranges from $31 to $32 per sf. And recently, Rosa Mexicano, an upscale New York City restaurant making its debut outside the Big Apple, committed to 9,000 sf on the street level of the complex.