Lowe Begins $28M Renovation of VA Assets

CRYSTAL CITY, VA-Lowe Enterprises Real Estate Group is spending $28 million to renovate two towers it owns here. Century Center is comprised of Century Center One and Two–13-story buildings consisting of more than 560,000 sf of office space and 70,000-sf of retail. Upgrades will include refurbished lobby and public space, new entrances and extensive enhancements to the buildings’ facades. The renovation will be completed in summer 2008.

Century One is located at 2450 Crystal Dr., totaling 389,732 sf with more than 900 parking spaces. Adjacent building Century Two is located at 2461 S. Clark St., totaling 238,091 sf with more than 600 parking spaces. The properties are joined by a retail promenade at the first floor street level, which is also connected to adjoining buildings and the Metro to the North.

Crystal City has been undergoing a change in its user base ever since the 2005 Department of Defense’s Base Realignment and Closure Commission decision to pull out from much of the market. Some 77% of all space was, or is being, affected by the decision. Over the past two years, however, the submarket has reacted with admirable speed, repositioning itself as a private sector office destination.