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WASHINGTON, DC-Development of the International Monetary Fund’s new 650,000-sf “second headquarters” building is moving forward now that CarrAmerica Realty Corp. has begun construction of the sprawling facility at 1900 Pennsylvania Ave. While a price tag has not been officially attached to the project, industry experts speculate that the structure will cost in excess of $150 million to complete.

“The cost to develop an office building in the District varies depending on the class and type of building,” Advantis/GVA director of research David Masters tells GlobeSt.com ” The building cost for a class A structure runs from $300 to $350 per-sf, including land cost.” The IMF acquired the 448,000-sf property, known as the Thomas Edison building, from George Washington University for $98 million in 1996. Area energy provider Potomac Electric Power Company had called the structure home since 1972 before relocating to a new building last year.

A design endeavor of architectural firm Pei Cobb Freed & Partners, the 12-story building will sit adjacent to the IMF’s existing headquarters located at 700 19th St. Upon completion, headquarters number two will house a 450-seat meeting space, a training facility designated for the IMF Institute, three floors of underground parking, and 6,750 sf of ground-level retail space to include a two-story restaurant. “The office project has been in development to enable the Fund to create a more efficient physical plant that will consolidate a number of operations currently spread around the District of Columbia,” deputy director of the IMF’s Technology and General Services Department Inger Prebensen says. “We expect our newest building will enhance the Foggy Bottom neighborhood and the operations of the IMF.”

In addition to being set apart in the compact city by its grand scale, the new development will carry the distinction of being one of the District’s first construction projects to incorporate building security guidelines stipulated by the National Capital Planning Commission’s post-September 11 Urban Design and Security Plan. CarrAmerica is scheduled to wrap up construction of the building in 2005.

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