Todd Bosley and Tim Jaeger of CB Richard Ellis represented the owners, Buchanan Partners and majority partner JP Morgan Asset Management-Real Estate. Michael Sullivan and Joe Ruzecki of CBRE repped the tenant. Asking rates at the building are $31.50 per sf.
The Bowie Center is one of the first buildings in the US to achieve Gold certification within USGBC's Core and Shell program. Buchanan originally had planned for it to be Silver LEED certified, Wendy Weiss, project manager at Buchanan tells GlobeSt.com. "But as we went through the process [of becoming certified] we ended up with enough points to become Gold." Conventional wisdom has it that developers need to design for more points than needed because inevitably they lose points as the building goes through the certification process. Buchanan did in fact lose points, but not as much as expected. Weiss credits the firm's consultant, Richmond, VA-headquartered Sustainable Design Consulting as a big reason.
The building's features include a heating and cooling system that reduces building energy use by 30%; an under-floor air distribution system that reduces energy use while increasing thermal comfort and exterior sun louvers and low-E tinted glass windows that reduce solar heat load while admitting natural light through the main vision panels.
In November 2007, JP Morgan Asset Management-Real Estate became majority owner of the building, providing $13.4 million in equity, with Buchanan Partners maintaining a minority interest in the building. Weiss says the duo has no plans to sell the building.
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