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Retail Leases Next Big Story for NoMa

WASHINGTON, DC-There is more than 20,000 sf of retail that is likely to be leased out within the next several months.

By Erika Morphy | Updated on March 07, 2008

WASHINGTON, DC-It is hard to top a week like NoMa had last week. The submarket landed two very big leases that essentially gave the green light to two multimillion-dollar building projects.

These are, of course, the Department of Justice’s decision to lease 521,000 sf at Two Constitution Square–a 12-story, 625,000-sf Gold LEED building that will be developed by Bethesda, MD-based StonebridgeCarras for $250 million, now that it has secured the DoJ lease. The day prior to Thursday’s DoJ announcement, National Public Radio revealed it was under contract to buy 1111 N. Capitol St. from J Street Development. The media company’s decision to opt for a NoMa location–the Ballpark District and Silver Spring, MD were also on the short list–will kick off a huge development project as NPR plans to build convert the historic 174,058-sf flex-industrial building into a 10-story office building that is more than 400,000 sf. Some 78,000 sf of the original building will be incorporated into the new building.

NoMa, it should be pointed out now, was hardly on the mental map of most DC developers a few short years ago. This past week has, if it hadn’t already, clinched its status as an up-and-coming area for the District. Most of its wins thus far have been in the office category. The next wave of announcements though–many of which are expected to be during the spring–will likely be in the retail category.

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