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.

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