CarrAmerica Realty Corp., one of the owners, handled the leasing on behalf of the ownership. Financial terms of the transactions have not been disclosed; however, the average rental rate for class A office space in the East End, according to Cushman & Wakefield's Year-End 2004 MarketBeat Series report, is $49.05 per sf.
Represented by the Petrus Group's Brian Petruska and Karen May of GVA Advantis, Max Fitness LLC claimed 19,800 sf, while Haworth Inc. took about 16,600 sf with the assistance of Lincoln Properties' Ed Gilpin. Additionally, Atlantic Trust Group Inc. committed to 3,600 with Cushman & Wakefield's Audrey Cramer as representation. EarthLink signed on for 2,500 sf and was represented by Kevin Howard of Grubb and Ellis.
The four businesses will now make their homes at 575 7th St. NW. Terrell Place emerged in 2003 as a redevelopment project that entailed the renovation of the historic former Hecht's department store building, and the connecting of that structure. The newly developed nine-story structure integrated a series of historic facades and a new 11-story building. The property, which includes 36,000 sf of retail and 29 residential condominiums, is predominantly owned by a joint venture involving CarrAmerica and a JPMorgan Fleming Asset Management client, with AARP holding an interest in the condominium segment of the development.
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