Purchased from J Street Development in March, the 81-year-old 1111 N. Capitol St. will be converted from its current 174,058-sf flex-industrial use into a 400,000-sf or so office building that preserves some 78,000 sf of the original historic structure, including frontages on North Capitol and Pierce streets. Boston Properties has the mandate to redevelop 1111 N. Capitol St.
According to accounts, 635 Massachusetts Ave. has traded for $119.5 million, or $788 per sf. Boston Properties and NPR did not return calls in time for deadline.
NPR had looked at several neighborhoods, including Silver Spring, MD, while evaluating potential new headquarter locations. The District sweetened the pot for the iconic media outlet to stay in DC by offering a 20-year tax abatement and new streetscape improvements around the nearby New York Avenue Metrorail station. Studley represented NPR in both transactions. Studley's Art Greenberg, Vernon Knarr, Julie Rayfield, David Perlstein, Parker Lange, Collin Wheeler, Adam Schindler and Angela Cordovez all worked on these deals.
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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.
