DC Economic Development
This morning Mayor Fenty unveiled a new economic development initiative called Center City Action Agenda 08. Its focus is on emerging neighborhoods like NoMA, the Waterfront, the Capitol Riverfront and Anacostia — areas, in other words, that are outside the core downtown and other developed parts of the city. Not afraid to eat its own cooking, the District will be moving its Department of Housing and Community Development from the Union Station area to Anacostia Gateway, a 63,000-sf building at 1800 Martin Luther King Jr. Ave in Southeast. The building is partly owned by the city.
Now that the District has made its opening move, these are the goals it would like to see the private sector hit:
- 3.9 million SF of retail, office, housing annually;
- 6,000 office-related jobs, 700 retail jobs, and 500 hospitality industry jobs annually;
- a focus on affordable housing.
Speaking of government action, the feds have inked some large leases over the past several days in the District. The FAA has signed a 100,000 SF lease in 950 L'Enfant Plaza SW — space that the IRS vacated a few months ago. Lincoln Property Company's Eugene Smith, John Benziger, and Ed Gilpin represented the building owner, Heyman Properties. The 285,000 SF building is now 90 percent occupied with its new tenant on board.
Another 100,000 plus lease was signed by the USPTO at 2800 S. Randolph Street in Shirlington. The building, a 208,000 SF, nine-story office complex that is scheduled to deliver in April, is being developed by Transwestern Monument Randolph Square LLC, a joint venture between Monument Realty and Transwestern Investment Company.
Carr Properties has acquired an empty office building in Rockville for $24.1 million, or $230 per SF. It acquired Woodmont Place from the Brookfield Real Estate Opportunity Fund. Paul Collins, Bill Collins, Drew Flood, James Cassidy and Jud Ryan of Cassidy & Pinkard Colliers represented Brookfield.
Buchanan Partners has completed Gateway Business Center, a four-building flex/office project totaling 190,000 SF in Gainesville, VA that is just down the road from Buchanan Partners' Heritage Hunt Commercial Park. Heritage Hunt is a 70-acre property on Heathcote Boulevard, where a 75,000 SF office building is now under construction. Buchanan Partners recently brought to almost full occupancy another flagship development: its Bowie Corporate Center in Bowie, MD — one of the first buildings to achieve Gold certification within the US Green Building Council's Core and Shell program. MedAssurant has signed on to occupy 96,932 SF in the five-story 125,969 SF building.
In the last issue of Deal Sheet we reported Federal Capital Partners brought in Alan Shearer from the Mills Corp. to be its new managing director of land. Shearer hails NVR.
We also reported that Mayer Brown may be the first law firm to occupy a LEED certified building in the District. That honor, according to several readers, goes to Dewey LeBoeuf, which leased space in July at 1101 New York Avenue, the first Gold LEED Certified commercial office building in the District of Columbia.