WASHINGTON, DC-J Street Development is steadily filling its office condo building under construction in the NoMa market–located at 111 K St. NE. YWCA USA is signing a purchase agreement to acquire approximately 9,400 square feet in the building. With this new agreement in place, some 60% of the building is now committed.

Office condos are a relative rarity in the DC market, although a case for them revived around the same time the economy went south. Over time, it is estimated an office condo saves money, especially when taking DC’s still escalating rental rates into account. Non-profits–a ubiquitous type of tenant in the DC market–are particularly interested in the savings. For instance, the Sierra Club recently acquired a condo at 111 K St., reportedly for these reasons. The asking price for space at 111 K St. ranges between $550 per square foot to $650 per square foot, according to an earlier interview with J Street president Bruce Baschuk.

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