Somerset acquired 1801 K St. at the end of 2005 and then launched a major renovation--it rebuilt the building from the shell out, essentially--that totaled some $50 million. The building stayed occupied during the renovation, Marshall Allan, co-founder of Somerset Partners, tells GlobeSt.com, with the occupancy rate hovering between 72% to 74%. The Dorsey & Whitney lease brings the occupancy level to 75%, he adds. The completed building is expected to deliver this summer, he says.
Located in the heart of the CBD, 1801 K St. is one of the largest private office buildings in the city, with floor plates at 42,300 square feet; 30-foot by 33-foot column bays; nine-foot achievable ceiling heights and a 100% windowed perimeter. The exterior has a new energy efficient glass curtain wall with full-height windows. Asking rates for the prime space--the 11th and 12th floors--are roughly $49 per square foot.
The landlord was represented by Trip Howell, Amy Bowser and Kate Griffin of Jones Lang LaSalle; Dorsey was represented by Pete Larson and Brian Isern of Transwestern.
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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.
