WASHINGTON, DC—The DC Public Library is taking 5,000 square feet in the Watergate at 2600 Virginia Ave., according to Miller Walker Retail Real Estate. Other recent tenants include Zeytuna and The Deli.
Asking rates for the retail space come in around $45 per square foot triple net. There is still space available, ranging from 856 square feet to 8,273 square feet available in the Plaza, the brokers report.
Retail tenant leases are expected to pick up even more as details about the new Watergate hotel become public. The retail space is adjacent to the new development. Earlier this year Bahram Kamali, an architect with BBGM who is leading the renovation for owner Euro Capital Properties, told the Washington Business Journal that the renovation will increase the number of rooms from 251 to 348.
Renovations will include a new lobby with a bar and lounge, a specialty restaurant and a rooftop bar with a small reflecting pool.
The Watergate's trade area has over 3.5 million square feet of office, which is 88% occupied, according to Miller Walker; 500,000 square feet of retail, which is 92% occupied; and 2.3 million square feet of residential space.
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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.
