Top brokers from JLL, CBRE, Cresa, Savills, plus major landlords and tenants, shared their outlook for D.C.'s historically weak office market.
The redevelopment of 20 Massachusetts Ave. NW will add three floors and include a 271-room Royal Sonesta Hotel on the lower floors, plus four floors of office.
The market is particularly challenging for the city's Class-B buildings, which have lost anchor tenants to new trophy developments.
The Chiofaro Co. is planning to begin renovations on International Place in the coming months as its largest tenant prepares to vacate.
Most D.C. office buildings don't work for residential conversions, experts say, but changing financial math could allow more developers to teardown and rebuild.
The former New England Patriots and Tampa Bay Buccaneers quarterback will move his investment firm into a wellness-focused office near the beach.
Paramount Group said an undervalued stock helped lead it to explore strategic alternatives. Other REITs to make similar moves face financial hurdles.
At the end of August, there were 475 available spec suites totaling 2M SF in D.C. proper, according to CBRE, and owners say they have become less profitable.
Centurion American plans to convert the two-building Eldorado Towers in Dallas into a 211K SF apartment complex at a cost of just over $43M.
Del Frisco's Restaurant Group Inc. will take over Cheddar’s’ office lease in Billingsley’s Cypress Waters.
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