PNC JV To Develop 350,000-SF Office

WASHINGTON, DC-PNC Financial Services Group Inc. and Vornado/Charles E. Smith are partnering to develop, leas, and manage a 12-story, approximately 350,000-sf building on the corner of 17th and H streets, NW. When complete, the mixed-use building will serve as PNC’s new regional headquarters as well as house other tenants. A spokesman for PNC declined to give development costs for the building, which will start construction in Q1 2008 with the tear down of the existing building at 1707 H St., along with two other buildings on the immediate parcels: 800 and 808 17th St.

When it is complete, in Q2 2010, PNC/Vornado expects to seek LEED gold level core and shell certification the United States Green Building Council. Meanwhile, PNC occupies the existing buildings, has signed a lease for temporary space at 800 Connecticut Ave. Michael Harreld is PNC’s regional president.

By now, PNC has accumulated a large store of green building knowledge, the spokesman says. “PNC is committed to green building–we have more LEED certified building than any other publicly traded company in the world.” As the company continues to add to its green portfolio – all of its new branches are green, for instance–it is finding that the cost of the materials are falling as they are more widely used in the marketplace.