Studley's Neil Levy, Julie Rayfield, Mett Miller, Rick Barnett and Todd Valentine represented DoJ in the 15-year term lease. Except for Levy, this is the same team that represented the Patent and Trademark Office in its 168,468-sf lease at 2800 S. Randolph St. and the Social Security Administration's renewal of 334,103-sf at 511 Leesburg Pike. It has been a banner week in general for Studley, which also closed the District's other huge pending transaction--the sale of 1111 N. Capitol St., which was revealed yesterday.
Doug Firstenberg, CEO of Stonebridge, tells GlobeSt.com that DoJ will be taking about 80% of the 625,000-sf building, which will be called Two Constitution Square. The remainder of the building will be restricted to federal government tenants for security reasons, he says. Asking rates for the 12-story building is $48 per sf. Expected occupancy will be in mid 2010. Darian LeBlanc, Zeke Dodson, and Mark Sullivan of Cassidy & Pinkard Colliers represented the landlord in the lease transaction.
The first phase of the project will include both Two Constitution Square and One Constitution Square for a total of 1.6 million sf. One Constitution Square will have 340,000 sf of office space, a residential building with 440 apartment units, and 80,000 sf of retail space including a planned 50,000 sf high-end grocery store. Both office buildings are being designed by HOK Architects. Clark Construction Group is the general contractor. The final phases of Constitution Square will include an additional 400,000-sf office building and an additional residential building with approximately 500 units. The seven-acre complex will cover an entire city block bounded by M Street, N Street, 1st Street, and the New York Avenue Metro Station.
Like all federal procurement contracts for real estate these days, DoJ's requirements included a building designed to Silver LEED standards. Firstenberg says Two Constitution Square will be designed to Gold LEED standards. "Our waste water recapture system--we will be using a lot of 'gray' water--our reuse of rain water, the proximity to the metro and certain things we will be doing during the excavation made up the additional points we needed."
Two Constitution Square will be in the NoMa neighborhood, the submarket in which NPR will be locating with its purchase of 1111 N. Capitol. "This market is getting more and more attention lately," Tonya Ginter, director of research and marketing at GVA Advantis tells GlobeSt.com. "And, this is a market that many turned their nose up at, just a couple of years ago."
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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.
