Verizon, which was the sole tenant in the 380,195-sf, 11-story office building, vacated the space early, in November 2007. The new owners launched an $8-million to $10-million rehab project, which is close to completion. MRP did not return a call from GlobeSt.com in time for publication.
Advertising firm Arnold Worldwide leased 28,352 sf on the first and second floors of the building in what will be a two-story loft-style office. Rand Construction will build out the space. Fitness First, leased 19,049 sf on the lower level for its health club, which will have its own separate entrance.
In an earlier interview with GlobeSt.com, Zach Wade said Verizon's early departure from the building would not pose too much of a challenge as availability of large blocks of space in the DC area is limited. He also said that asking rates for the building will range from the high 30s per sf to the low 40s per sf. The renovation included a rehab of the lobbies, elevators, common areas, restrooms and plaza.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
