WASHINGTON, DC—The JBG Cos. has entered into a short-term lease for the last remaining parcel that will make up its mixed-use project at the corner of 20th and N streets NW near the Dupont Circle Metro Station.
Although the actual lease has not been recorded as yet, an Oct. 1 memorandum filed Thursday with the Recorder of Deeds states that JBG began a four-year ground lease on 1247 20th, according to the Washington Business Journal. The lease will expire on Sept. 30, 2018, at which time provisions go into effect "regarding the obligation to sell and purchase the property,” according to the memorandum.
Last year, JBG Cos. proposed a new mixed-use building at the site that would combine 1233 20th St. NW, owned by JBG, with a modern, new structure at 1920 N St. NW, to form a single, 130-foot-tall building. Its prior acquisitions in connection with the project have included the purchase of the 115,000-square-foot, Class B office building at 1920 N for $45.4 million in January 2012 and the 155,000-square-foot 1233 20th in June 2012 for $64.75 million.
Another Dupont Circle-related deal includes the purchase of 1253 20th St., 1926 N and 1924 N for $2.95 million in December 2012. All of the buildings are to be demolished to make way for the new glass tower building with the exception of 1233 20th. See story in the Washington Business Journal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.