ESPN Zone restaurant at 555 12th St., NW
could become a home for a new high-end
department store, says CBRE.
WASHINGTON, DC-Some 144,777-square feet of high-end retail space has become available in the District, and its owner and leasing agent have high hopes for how it will be used. The building is 555 12th St., NW, a building once occupied by the ESPN Zone that became available 30 days ago. The building, which has retail space on three levels, is owned by Manulife Financial. It has tapped CBRE as retail leasing agent.
There are a few different scenarios that could play out, Michael Zacharia, CBRE’s senior vice president, tells GlobeSt.com. It could be an entertainment type of venue, similar to the ESPN Zone, it could be leased to a high-end department store that would occupy the entire space—or it could be divided up into four parcels of 25,000 square feet, to be leased by complementary high-end retailers. This would create a street of high-end retailers—a Fifth Avenue type of experience, if you will–which outside of pockets in Georgetown, is rare in the District. “There is nothing else that is similar is size or scope to this building for retailers, so we are hoping to create something new,” Zacharia says.
Asking rates will be between $40 per square foot to $45 per square foot, triple net, he says, depending on whether it is leased as one block of space or split up into different stores.
The DC market is known for being under retailed, but that is not due to lack of interest on the part of retailers. “DC is a very attractive market for national brands because of the residential growth still taking place in the city, and its high disposable income,” Zacharia says. 555 12th St., NW is bounded by 12th, 11th, E and F Streets. Nearby retailers include Forever 21, Zara, H&M, Anthropologie and Barnes & Noble.