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DoJ Lease Secures $250M Office Development

WASHINGTON, DC-Stonebridge Carras will begin construction on Two Constitution Square now that it has captured the long awaited 521,000-sf Department of Justice lease.

By Erika Morphy | Updated on March 06, 2008

WASHINGTON, DC-The Department of Justice has made its long-awaited decision on where to lease out the 521,000 sf it needs as part of its consolidation. Its choice was 145 N St. NE–a building that will be developed by Bethesda, MD-based Stonebridge Carras for $250 million, now that it has secured the DoJ lease.

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.

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