LCOR is kicking in the difference as its equity investment inthe project, R. William Hard, EVP of LCOR tells GlobeSt.com. Thebuildings, located at 1900 and 2050 Ballenger Ave., are expected todeliver in October 2008.
The four-story structures, which will also have retail space,are situated adjacent to the Patent and Trademark Office building.Proximity to that government agency alone, Hard says, will attractmany tenants that do business with it. The submarketitself--particularly the Carlyle area, where the vacancy rate isless than 1%--is very strong as well, he continues. "There are anumber of associations that want to locate in Alexandria." Anotherdraw, he says, is the walking distance to two metro stations: KingStreet and Eisenhower Ave.
LCOR is developing the properties on spec. Asking rental ratesfor the office portion, Hard says, will be in the low to mid 40s,full service.
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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.
