Asking rates for the $150-million building, according to Brian Connolly, SVP of Akridge, range between $44 per sf to $48 per sf, triple net, depending on which floor the tenant will be located. "That is pretty much at what all the new class A buildings are being marketed," he tells GlobeSt.com.
Designed by architect Bill Hellmuth of HOK, the 12-story building will have an open floor plan to allow for flexible space planning. It also is being designed to Silver LEED standards, Connolly says, and the company is still considering the possibility of trying for Gold certification. Silver certification, he says, has become expected in DC's corporate tenant community, especially in East End where law firms, government agencies and associations are the main renters.
Cadwalader was represented by Tom Fulcher, an executive vice president in Studley's Washington office, and Matt Barlow, an executive vice president in Studley's New York office. This transaction was one of the largest leases signed thus far this year, according to data by GVA Advantis.
Topping Cadwalader is the Metropolitan Police Department's lease of 421,000 sf at 225 Virginia Ave and the US Equal Employment Opportunity Commission's planned occupancy of 145,000 sf at One NoMa Station. Other large leases include Amtrak's renewal for 84,291 sf in Capitol Hill and Parsons' 80,000 sf at 100 M St., SE.
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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.
