The building, 1025 Connecticut Ave., is one of Blake RealEstate's trophy holdings. Called the Blake Building and built in1969, it is still held by the original owner--a rarity in theDistrict, especially after the recent run up in investment salesprices.
Stephen Lustgarten, EVP at the firm, tells GlobeSt.com that whenthe renovations are complete the firm will likely raise rents $2per sf to $2.50 per sf, depending on the market's activity. Rentshave been, obviously, rising in the District for the last fewyears, he adds. "We believe tenants should get more for theirmoney." Occupancy at 1025 Connecticut is between 94% and 95%, hesays. The last time the building was renovated was in 1998.
The bulk of the upgrades will be devoted to a major mechanicaloverall of the building's systems, including the installation of anew heating/cooling system, the replacement of all 462induction-units with new fan coil units; the replacement of allexisting air handling units on tenant floors; and the addition ofenergy management controls for the entire building.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
