It is the latest building to go under development for techtenants in Washington's resurgent NoMa corridor, a roughlytriangular area so-called for being north of Massachusetts Avenue.Qwest, MCI, XM Satellite Radio and others have moved into the areaalready, but few have paid such a price.

The transactions are valued at more than $64 million, andinvolve "quadruple net" rents of about $30/sf, says Andrew Pellman,project manager for Bristol, a San Francisco-based real estateinvestment and development firm. In addition to taxes, maintenance,insurance-- the usual element of a triple net lease--the tenantswill also pay for roof maintenance, because they keep so muchequipment there, he says. That's about $15 per sf more than thefirst tenant that signed in the area at 1500 Eckington Place, andabout $5 per sf more than other rents quoted in the area now.

The 440,000-sf site is the second that Bristol hasmaster-planned as a telecommunications center, after Hudson SquareTelecom Center, a New York site that was the first master-plannedtelecommuncations center in the country. The plans are important.Not only did they help Bristol line up a higher rent--they give itroom to expand power and fiber-optic communication capacity astenants grow.