Seven hundred Second St. is the third phase of Station Place, an office complex that consists of three buildings totaling 1.6 million square feet and has been designed to a LEED Silver rating. The American Chemistry Council will be another tenant in the building, having inked 89,500 square feet at the end of the last year. The listed asking rate for space in the building is in the high 30s per square foot, triple net.
Kaiser wanted space that was advantageous for transportation, Liss tells GlobeSt.com. The building is connected to Union Station by a glass walkway, filling that need nicely, she notes. It also has generous parking available, another plus.
The lease is, to state the obvious, very welcome in the DC area given the increasing vacancies and growing office pipeline that has landed few pre-leases. According to JLL statistics, only 27% of the buildings delivering this year are pre-leased, compared to the typical rate of 50%. The lease is also a boost to the NoMa submarket, which has been grabbing a significant portion of new, large leases including 590,000 square feet at Two Constitution Sq. by the Justice Department.
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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.
