WASHINGTON, DC-The realization of Republic Square is in sight now that developer Republic Properties Corp. has broken ground on the 587,000-sf office project. The two-building development will be completed in two phases, with the 385,000-sf structure on 25 Massachusetts Ave. going up first.

The nine-story structure–just as its eight-story 202,000-sf counterpart that will rise up at 660 N. Capitol St.–will feature ground-level retail, as well as a three-story underground parking facility. As a rule, Republic Properties does not reveal the financials of projects in progress. Republic Properties square will occupy a nearly two-acre parcel on a coveted spot on Capitol Hill.

“It is an extraordinary site, sitting at the nexus of Capitol Hill East and NoMa, right by Union Station,” Republic Properties, senior vice president of development Peter Cole tells GlobeSt.com. CB Richard Ellis is handling pre-leasing activity for the speculative property. Class A office space in the Capitol Hill submarket, according to Advantis Real Estate Services Co.’s Mid-Year 2004 Office Market, goes for about $39 per sf. Phase 1 of the project is expected to reach completion in 2006.

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