Buying from Stillman last year, GMAC acquired a majorityinterest and Perseus, already a minority interest holder, increasedits stake in the property for $82 million. Property developerStillman was left with a minority interest. The building'stransformation, spearheaded by Studios Architecture, will cost theowners about $40 million. "We envision a bold, progressive buildingthat takes commercial architecture forward in the city, rather thanrelying heavily on the past," says Perseus Realty president BobCohen.

A 12-story structure located near the White House in the city'scentral business district, 1110 Vermont also features 17,300 sf ofground-level retail space and a two-level underground parkingfacility. Jones Lang LaSalle oversees leasing responsibilities atthe property, which is home to various offices of the US governmentand nonprofit organizations.

Among the elements that will be incorporated to elevate thebuilding's status during the renovation are an upgraded facade,enhanced building systems, new interior spaces and an interactivelight and sound system for external and internal use. JLL's TripHowell says that "when construction is complete, 1110 Vermont willbe one of the most high profile buildings in the city."