"We never make those kinds of promises of course, but the tenants knew we had submitted to USGBC," Cahill says. Tenants in the building include BP, the Madeline Albright Group and Google.
Cahill says that 1101 New York is one of two buildings in the District that has received this certification. The other is 20 M St., SE, a 190,000-sf office building developed by Lerner Enterprises. This building is vacant but according to Brian Raher with Cushman & Wakefield, who is handling its leasing, there are several deals pending.
There are also several other buildings in the development pipeline in the DC area that are expected to submit for Gold status. At this point in time, though, Cahill says, demand for Gold space is exceeding the supply and rental rates reflect that. The building at 1101 New York Ave. is fully occupied, so Cahill could not provide an asking rate. The last tenant inked a deal at $53 per sf, triple net, he reports. Asking rates for 20 M St. range from $44 per sf to $50 per sf, according to Raher.
A 400,000-sf property, Jones Lang LaSalle handled leasing for 1101 New York Ave. The architect was Kevin Roche John Dinkeloo and Associates. WDG Architecture was the architect for 20 M St.
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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.
