J Street Ramps Up Plans for NoMa Submarket

WASHINGTON, DC-J Street Development Co., among the first developers to invest in the NoMa neighborhood, is transitioning its site portfolio in the submarket. Its flex office building along North Capitol Street appears to have attracted a buyer–or at least a few serious offers–after having been put on the market in October.

Meanwhile, the company will break ground next week on another NoMa site. The firm also just selected an architect for its third site, moving forward with plans to break ground in fall 2008.J Street’s senior vice president Jay Bothwell tells GlobeSt.com that NoMa remains a key interest even as its existing holdings move through the normal build-lease-sell cycle. “We are very positive about this area,” he says.

Bothwell declined to discuss specifics for the 1111 N. Capitol St., a 167,000-sf historic flex office building other than to say the company “is no longer accepting offers from the public.” Built in 1925 as a warehouse for the C&P Telephone Co., the Smithsonian uses it today to build exhibits for the “Mall,” paying about $10.50 per sf, according to the marketing materials. Market rents should average $18 per sf, according to New York City-based Eastdil Secured, which was tapped to broker the sale.