ACC will move into the Station Place Three--a roughly500,000-square-foot, ten-story building--after it delivers insummer 2009. Located next to Union Station, the building is a jointventure development between Louis Dreyfus Property Group and FisherBros. ACC is the first tenant to sign a lease there. Several JonesLang LaSalle brokers represented ACC: managing director GregoryLubar and Vice President Eric Antonini from brokerage, and vicepresident Mark Montgomery and SVP Colin Haynes from project anddevelopment services.
Asking rates for class A space in Capitol Hill--when there isspace available in this tight submarket--tends to run between themid to high $50 per square foot range, full service. ACC consideredmost of the available buildings in Capitol Hill and nearby NoMa,Lubar tells GlobeSt.com. Station Place Three is being designed tomeet LEED Silver certification, which was also important to ACC, headds.
In this market, a new 90,000-square-foot lease is a coup, Lubarsay. "Everybody is considering renewals right now because of theeconomy." However, he adds, there are still large deals out therelooking for new space. "Just less than before."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
