Located in between the CBD and the East End, the buildings are class B and class C, Edward Johnson, SVP of North America for Pembroke tells GlobeSt.com that was, in fact, one of the selling points for the two buildings. "Class B and class C properties are becoming scarcer and scarcer in the District because demand for trophy buildings is so high that everyone is tearing down the old buildings to put up new."
Built in 1950 and renovated in 1985, 1000 Vermont Ave. is a class B building that is 78,000 sf. The property at 1010 Vermont Ave, built in 1927, and renovated in 2001, is class C office space that is more than 63,000 sf. The buildings are more than 90% occupied. Depending on the space, rents will range anywhere from the high $30s to the low $40s per sf, Johnson says.
These are the third and fourth buildings Pembroke has acquired in the District. Its Washington portfolio now represents over 700,000 sf. Pembroke acquired 1801 Pennsylvania Ave. in Feb. 2006, and 1201 New York Ave. in Sept. 2006.
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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.
