"We were interested in the property because it was one of the last remaining privately held sites on Pennsylvania Avenue," says DRI Partners president Christian Spitz, noting its views of the White House, Georgetown and Virginia. The 170,000-sf building has been empty for two years since the World Bank moved its offices across the street.
It was purchased from the estate of developer Marshall Coyne, who died last March. Spitz says the building is being done as a speculative office-lease project with no specific tenants in mind. The company is adding more rentable during the rehab, as well as parking.
In six weeks, construction crews will gut the building and begin a rebuild that is slated for completion in August 2002, says Spitz. DRI already arranged for the building's street address to be changed from 801 19th St. NW to 1899 Pennsylvania Ave. NW. The total financing package--from purchase through construction--was for a reported $71 million and, according to Spitz, includes loans through Equity Financing, South Charles Investment Group and Fremont Investment and Loan.
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