WASHINGTON, DC-Locally-based Douglas Development Corp. is prepared to break ground later this year on an office building in Penn Quarter on spec.
The firm has hired CBRE Group Inc. to market the property's 93,000 square feet of available office space, according to the Washington Business Journal. While it is prepared to build on spec, Douglas Development Principal Norman Jemal says there is strong tenant interest in the 11-story property that will also include approximately 7,000 square feet of ground-floor retail and two floors of below-grade parking.
“Just the term spec means you're not sure,” Jemal says. “I would say we are extremely confident in the market. Our building is a trophy, boutique building and what we're offering is the opportunity to lease spaces ranging from 6,000 to 9,000 square feet.” See story in the Washington Business Journal.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
