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WASHINGTON, DC-The final papers have not been signed, but Pharmaceutical Research and Manufacturers of America has put its signature on a letter of intent to prelease 70,000 sf of space at the Atlantic Building, a 280,000-sf office property that is currently being constructed at 950 F St. by CarrAmerica Realty Corp. and Douglas Development Corp. The structure, not scheduled for delivery until 2006, is already 80% leased.

The pharmaceutical trade group will add its name to a tenant roster that includes law firm law firm Alston & Bird LLP, which committed to 120,000 sf at the building last November. PhRMA representative Studley is in the process of ironing out the details of the lease with the CarrAmerica’s Carr Real Estate Services Inc. Space at the Atlantic Building is being marketed for as much as $44 per sf.

The Atlantic Building is actually a redevelopment endeavor; the corner lot property was originally developed to hold a Romanesque Revival-style structure in 1887. When CarrAmerica and Douglas Development complete their work, the resulting trophy property will encompass the original preserved structure, three restored historic townhouses, and a new 10-story tower. Additionally, the office facility will offer 30,000 sf of retail and an underground parking structure. If all goes as planned, PhRMA will relocate from its current digs in the 137,000-sf office structure at 1100 15th St. when the Atlantic Building reaches completion.

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