ACC will move into the Station Place Three--a roughly 500,000-square-foot, ten-story building--after it delivers in summer 2009. Located next to Union Station, the building is a joint venture development between Louis Dreyfus Property Group and Fisher Bros. ACC is the first tenant to sign a lease there. Several Jones Lang LaSalle brokers represented ACC: managing director Gregory Lubar and Vice President Eric Antonini from brokerage, and vice president Mark Montgomery and SVP Colin Haynes from project and development services.
Asking rates for class A space in Capitol Hill--when there is space available in this tight submarket--tends to run between the mid to high $50 per square foot range, full service. ACC considered most of the available buildings in Capitol Hill and nearby NoMa, Lubar tells GlobeSt.com. Station Place Three is being designed to meet LEED Silver certification, which was also important to ACC, he adds.
In this market, a new 90,000-square-foot lease is a coup, Lubar say. "Everybody is considering renewals right now because of the economy." However, he adds, there are still large deals out there looking for new space. "Just less than before."
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