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135 Yorkville and the Rise of the Luxury Office

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman -- Jamestown Properties
Anthony Lanier -- EastBanc
Herb Miller -- Western Development

As far as prestigious addresses go, you can't do much better than 135 Yorkville. Camrost-Felcorp Inc CEO David Feldman explains how the boutique office-condo his firm is building on Yorkville Avenue near Avenue Road sets a new standard for luxury offices.

135 Yorkville and the Rise of the Luxury Office

A 50k SF, 11-storey building, 135 Yorkville is the third phase of a development that’s included the transformation of the old Four Seasons hotel into a luxury condo, Yorkville Plaza, and the construction of a new 40-storey glass condo just south of it, The Cumberland. The office building will have ceilings up to 10 feet and floor plates from 4,500 SF to 5,700 SF. Some suites will have terraces overlooking Yorkville. Prices range from $3.7M to $4.9M. “You could own a whole floor,” suggests David, whom we snapped on site. Don’t need all the space? Then subdivide and sublet. “You have flexibility.”

135 Yorkville and the Rise of the Luxury Office

David tells us 135 Yorkville, with customizable floor configurations, has attracted interest from high-net-worth individuals seeking office space, medical professionals (“we’ve been approached by plastic surgeons”), and smaller-scale wealth managers. “It gives them an opportunity to have a prestigious address, in a boutique office building, plus they own a piece of Yorkville.” And because the units aren’t leased, occupants needn’t fret about rising rents or getting booted out. “You’re building up equity over time, and it’s prime real estate."

135 Yorkville and the Rise of the Luxury Office

Designed by WZMH Architects, 135 Yorkville features a stepped glass-box design, which David notes contrasts nicely with the look of the brutalist old Four Seasons building, and complements the new south tower, which also boasts an abundance of glass (here's a shot of the projects under construction). 135 Yorkville will have retail at ground level, possibly a two-storey space ideally suited for service-related businesses, David says. The project is slated for delivery next fall.

135 Yorkville and the Rise of the Luxury Office

135 Yorkville isn’t the only office-condo in the area. Just south of Bay and Bloor, St. Thomas Developments has a nine-storey project (rendered above). But new office space in the heart of Yorkville is rare. Condo towers, however, are popping up all around the tony enclave. David says 135 Yorkville is situated near to three subway stations, with oodles of high-end shops and eateries on the doorstep. “These days, with all the focus on intensification, it’s good to be somewhere you can live, work and play.”