CSWE is the building's first tenant. Preleases in this market are unusual, given the current environment, but what is more unusual is that asking rates for this building are specifically $33 NNN. Even before the market slowdown there were few deals inked on a triple net basis in DC offices. There was a movement towards deals based on net of utilities rates, Stouffer tells GlobeSt.com. He continues, if the DC market had continued to perform the way it had for the last few years with its positive net absorption rates and low vacancies, "I believe those types of deals would have continued."
This building, however, offers unique selling point for tenants, Stouffer says. It is the only new office development in Old Town Alexandria and within walking distance of the King Street Metro.Edmonson Plaza also has historical significance: it commemorates the life stories of Emily and Mary Edmonson who were held at 1707 Duke St.,after the two sisters were captured attempting to flee North.
Eventually emancipated from slavery, their experiences served as the basis for several of the characters in Harriet Beecher Stowe's novel, "Uncle Tom's Cabin". An 8,000-square foot-public plaza will be built between 1701 and 1707 Duke streets, the latter of which served as a holding facility during the slave era in this country.
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