WASHINGTON, DC-The Nassif Building at 400 7th St., home to the US Department of Transportation for the last 34 years, has been designated for a massive redevelopment project to be spearheaded by property owner David Nassif Associates. DOT is expected to relocate to new 1.4-million-sf digs at the Southeast Federal Center on M Street in 2006, at which point construction will begin on the 1.3-million-sf Nassif Building. The project, which will convert the property from a class B facility to a class A facility, is expected to cost an estimated $150 million to complete. Work is scheduled to reach completion in 2008. Built in 1970 specifically for DOT at a cost of $35 million, the Nassif Building sits within blocks of the National Mall and the US Capitol in Southwest DC. The building is currently valued at $154.7 million and was originally designed by architect Edward Durrell, who is also behind the design of the famed Kennedy Center performing arts venue. A design team has yet to be put in place for the modernization endeavor; Nassif Associates, with the assistance of Kramer Consulting Services, is in the process of selecting an architect for the development through a national competition.

“The commitment by ownership to fully renovating this project will give it new visibility in the leasing market,” say Bob Hines and Scott Killie of real estate services firm Trammell Crow Co. Currently, class A office space in the Southwest area of the District goes for an average of $42.25 per sf, as opposed to class B space, which goes for an average of $33.75.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.