Located at 901 K St., the 12-story building, which will also have a retail component, will feature a luminescent glass curtain wall on the exterior and double glazed terra cotta architectural stone with stainless steel columns and railings for the retail arcade. Floor plates in the building will be approximately 22,120 sf and have floor-to-ceiling glass along the perimeter walls. Amenities will include a 2,800-sf fitness center and a 2,200-sf penthouse rooftop terrace facing Mt. Vernon Square. The building is expected to deliver in Q2 of 2009.
Clark Construction Group is the general contractor and Jones Lang LaSalle has been selected as the leasing agent. SmithGroup is the architect.
Founder Oliver Carr declined to tell GlobeSt.com the development costs of 901 K St., although he acknowledged that building to LEED standards does increase the overall costs. "However, we believe that over the long run the operating savings will generate a reasonable return on the upfront investment," he says.
Indeed Carr is hardly alone in his projections that despite the initial higher development costs, green building can deliver profits to both developer and tenant. Increasingly, developers in the DC area are adopting these standards in their projects. Lerner Enterprises, to name just one, is building its new headquarters to LEED Gold certification standards, according to an earlier report in GlobeSt.com.
"We believe that all new development will migrate to a LEED standard over time, it is a responsible business investment for the property and the environment," Carr says. "Most tenants agree that the quality and environmental efficiency associated with a LEED standard building is worth a premium rent."
It is too early in 901 K St.'s development to look for preleasing, Carr says. However the company is planning to break ground on 1701 Duke St. in Old Town Alexandria - a new office development that will be built to LEED specifications.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
