The deal is, needless to say, a welcome win for Lerner, which delivered the class A building on spec and is still largely vacant. Indeed, just about every developer that owns either land or recently delivered buildings in this submarket are waiting for tenants to fill out space or ink pre-leases.
Fortunately for the developer, the federal government is establishing a presence here--as well as in NoMa, another emerging submarket in DC. The Department of Transportation, the US Navy and NAVSEA operations and the US Coast Guard have all inked leases or renewals in the Capitol Riverfront in recent months. Twenty M also has the advantage of being certified Gold-LEED Core and Shell, one of the handful of buildings in the District with this designation.
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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.
