WASHINGTON, DC-The new 259,000-sf office building at 601 New Jersey Ave. has reached full occupancy. While the Federal Trade Commission signed a 10-year lease worth about $80 million for more than 200,000 sf last year, the last 46,000-sf of space has been leased to the Medicare Advisory Commission and the Federal Mine Safety Health Review Commission through leasing agent Cushman & Wakefield.
Cushman worked with developer Lowe Enterprises Mid-Atlantic on envisioning this nine-story structure three years ago. “As a service to Lowe, we interviewed real estate brokerage professionals and landlords to assess the needs of public and private sector clients,” says Cushman managing director Lou Christopher. “The matrix that developed as a result of the interviews guided us to design the first of its kind class A building alternative to the typical Downtown Trophy building.”
Lowe, which spent about $65 million to develop the property, sold 601 New Jersey to institutional investor Polinger Development for more than $80 million four months ago.