The annualized full-service asking rate for space in the building ranges between $15 per sf and $19 per sf. A lease rate of $17 per sf would translate to a deal value of about $3 million.
The lease includes 100 parking spaces and a tenant-improvement allowance. The amount of the allowance was not immediately available, but that parties involved said would give the college's space "a whole new look."
Brandon Frank and Dave Squire of Grubb & Ellis handled the deal on behalf of Corinthian for Paul Dimeo of Staubach Commercial Real Estate, who is based out of state but represents Corinthian nationally. Downtown Development Group was represented in-house by Chris Kopca.
Washington Center is a six-story, 44,300-sf building built in 1963. Frank tells GlobeSt.com that Corinthian considered both the Brewery Blocks and the Mekka Building until an aggressive offer by Downtown Development Group made the decision easy.
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