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New DC Trophy Commands High Asking Rates

WASHINGTON, DC-With trophy space so tight, Ralph Dweck might be able to get $100 per sf for 300 New Jersey Ave.

By Erika Morphy | Updated on May 08, 2008

WASHINGTON, DC-Developer Ralph Dweck has selected CB Richard Ellis to lease out the top floors of a 10-story, 255,000-sf trophy office he is building at 300 New Jersey Ave. Peter Connolly, senior vice president at CBRE, along with senior vice president Joe Michel and vice president Scott Russi, will be handling this leasing assignment.

While the DC market is softening, the demand for trophy space is as tight as ever. Accordingly, the building is expected to fetch some of the highest rates seen in the District.

CBRE is not quoting rent rates right now, Connolly tells GlobeSt.com. “But we expect to set a new high watermark because of the building’s quality and the quality of tenant we expect to attract.” Located within view of the Capitol, the tenants are likely to be government affairs offices and high-end trade associations, Connolly adds.

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