ARLINGTON, VA-Tishman Speyer closed on 1300 N. 17th St., the 392,000-square-foot office tower it earlier announced it would be acquiring in March from from Beacon Capital Partners. The price was slightly over $200 million, or more than $500 per square foot.
The company, which did not return a call for comment to GlobeSt.com in time for publication, is now planning a capital improvement program for the 19-story building. This includes a lobby renovation, elevator modernization and the construction of a new fitness center.
It is not the only building owner to focus on such improvements. Monday Properties is boosting its local portfolio with such upgrades as new lobbies and a greater focus on retail. There is also new development underway in the Arlington-Rosslyn submarket. Skanska USA broke ground on an office building at 1776 Wilson Blvd. recently and Monday Properties’ $300-million, 35-story tower at 1812 N. Moore St., is expected to deliver in the fall of 2013.
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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.
