Leasing Team Is Put in Place at 1101 New York Ave.

WASHINGTON, DC-A leasing team has been put in place for the 385,000-sf office structure to be built at 1101 New York Ave. Real estate services firm Spaulding & Slye Colliers was chosen for the assignment by property developer and owner Louis Dreyfus Property Group. Construction of the building, prompted by accounting firm Ernst & Young LLC’s letter of intent to lease 140,000 sf at the facility under a 10-year agreement, is expected to begin in November.

Located across from the city’s old convention center near 12th and I streets, 1101 New York promises to be a premiere property in an East End area neighborhood that is currently being redeveloped into a live-work-play destination, full of new office towers and apartment and condominium buildings. If all goes as planned, construction of the property should wrap up in 2006. According to Advantis Real Estate Services Co.’s Mid-Year 2004 Office Report, class A space in the East End goes for about $43.25 per sf.