WASHINGTON, DC-It was a busy day in the normally staid and quiet Georgetown commercial real estate market. A lease expansion was inked in one of the few office buildings in the submarket, and three bidders came out of the woodwork for the languishing West Georgetown Heating Plant.
The American Institutes for Research is taking an additional 12,253 square feet at 1025 Thomas Jefferson St., NW, adding to its existing 30,221 square foot lease, which was executed in August 2012. J Street Cos. represented the landlord in the deal, JBG Cos. Aaron Pomerantz of DTZ repped AIR.
In a separate deal, bidders emerged, in the last day, in the government auction of the Georgetown Heating plant. As we reported last week, the government took this property to the market with high hopes – and indeed, its location and value-add potential is easy to see. But no bidders emerged until the last twenty-four hours. So far, the high bid for the property is $5.2 million. Hat tip to Urban Turf for following the sale.