Approval Process In Full Swing For Loft Office At Market Common
Among Market Common Clarendon’s 300K SF of retail and 300 residential units, a new creative office space is taking shape. The end result will be a dynamic, urban experience where the community can live, work and play.
The office building, dubbed the Loft Office at Market Common, is on the site of a former Sears department store built in 1942. The site was later home to the Arlington County Public Schools’ office from 1992 to 2000.
Regency Centers is repositioning the project to include 110K SF of new creative office space and 32K SF of ground-level boutique retail space. Lincoln Property Co. predicts that the Loft Office at Market Common will become an iconic landmark in the urban core of the Rosslyn-Ballston Corridor.
The office space will be designed with exposed brick and wood accents that will attract young professionals and the senior management looking to recruit them.
"Our vision is to create a true live-work-play destination for the community and surrounding area,” Regency Centers Vice President of Investments Devin Corini said. “The Loft Office at Market Common will support this vision by activating the ground-level space with additional retail amenities and introducing four floors of urban office product. With the guidance of Lincoln Property Co., we will tailor our redevelopment of the building to suit the needs of the modern office tenant.”
The redevelopment will involve gutting and remodeling the vacant building at 2801 Clarendon Blvd. An additional 15 feet of height will be added, creating a vantage point for tenants to enjoy sweeping views of Washington, D.C., landmarks like the National Cathedral and the Washington Monument.
With high ceilings, large windows, private balconies and a panoramic view, it is the ideal space for tech startups, IT firms and creative firms that want to appeal to the most talented in their field.
The Lincoln Property leasing team — Chris Dyson, Stoddie Nibley, Eamon McCrann and Doug McLearn — has already received interest in the project, talking with several users who have gravitated toward the building’s loft design.
“Similar creative, loft-style office options are rare in the region,” Lincoln Property Vice President Stoddie Nibley said. “This is the kind of project that can be truly transformative for the market. Cities like New York, Seattle, San Francisco and Boston are home to these kinds of projects, but this style is not as prevalent in D.C. The demand for this kind of space vastly exceeds the region’s supply."
Walking distance to both the Clarendon and Courthouse Metro stations creates a direct link between Loft Office at Market Common and D.C. proper. As millennials flock to cities, creating comparable urban environments in suburban markets is one way companies can draw and retain talent. Market Common Clarendon caters to a demographic where 73% of residents are between 25 and 44 years old, according to Regency Centers.
In addition to the creation of Loft Office at Market Common, the Regency team has plans to enhance the retail district’s outdoor gathering areas with improved amenities, walkability and additional options for shopping and dining. With a complex of retail, restaurants, community space and unique loft-style office adjacent to a 34K SF Whole Foods, Market Common Clarendon offers a well-rounded environment for its tenants, visitors and residents.
Loft Office at Market Common is in the entitlement phase and is aiming for Arlington County Board approval by year-end. Regency Centers and Lincoln Property Co. anticipate delivery of the project sometime in Q2 2019.
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