It's been a decade-long saga — with deals done and deals nearly lost, political wrangling and neighborhood outrage — but the redevelopment of the Thaddeus Stevens Elementary School property on D.C.’s West End is, we can finally say, imminent.
Akridge and its partners, Corporate Office Properties Trust (NYSE: OFC) and Argos Group, are out for bid for a general contractor to construct the office portion of the two-pronged Thaddeus Stevens Place project near the corner of 21st and L streets NW. The second piece, the renovation of the 41,800-square-foot Stevens School building at 1050 21st St. NW for an expansion of the School Without Walls and an infant and toddler development center, awaits the approval of D.C.'s Department of General Services.
Matt Klein, Akridge president, said Wednesday that site work is underway and construction of the 10-story, 190,000-square-foot office building — to include 8,000 square feet of retail, 20,000-square-foot floor plates, two-story lobby and landscaped rooftop terrace — is expected to start in the spring. The office building, with an address of 2100 L St. NW, will take up the school parking lot and the lot on which the Humane Society of the United States' headquarters once sat.
The GC search values the office project at nearly $50 million. Bidding ends Feb. 2.Click here to view the rest of this article
(Washington, DC)— Akridge announced today that it, along with joint venture partner Corporate Office Properties Trust (COPT) (NYSE: OFC), and Argos Group, has executed a lease with global law firm Morrison & Foerster LLP for 81,300 square feet at 2100 L Street. The trophy office building will be 190,000 square feet and is now 43 percent preleased. 2100 L Street will feature multiple façades of floor-to-ceiling glass and a beautifully designed, sculptural embellishment designed by renowned artist Jan Hendrix. Construction is slated to begin in the second quarter of 2018, with delivery in the first quarter of 2020. Morrison & Foerster will move into the trophy office building in January 2021.
Morrison & Foerster’s new home will feature an impressive list of building amenities, including a landscaped rooftop terrace and rooftop lounge, penthouse conference center, fitness center, art gallery with outdoor terraces, and more. 2100 L Street will boast 20,000-square-feet floorplates, which were designed to maximize efficiency. The project’s highly-desirable location provides easy access to a number of increasing neighborhood amenities and four bustling Metro lines (Red, Orange, Blue, and Silver Lines).Click here to view the rest of this article
The Humane Society of the United States has sold its national headquarters to a three-headed team that will redevelop the West End site into a trophy-class office building and renovate an adjacent, historic D.C. school for educational use.
Akridge, partnering with Corporate Office Properties Trust and Argos, paid $11 million for the Humane Society building at 2100 L St. NW. The sale was recorded on Thursday.
“We will combine this parcel with the Stevens School project to deliver a striking, trophy-class, corner office building in the Central Business District,” Matt Klein, Akridge president, said in a statement.
The Humane Society will remain in the building for six months, at which point it will relocate to a yet undisclosed location, likely on the West End.Click here to view the rest of this article
COLUMBIA, MD December 21, 2015 — Corporate Office Properties Trust (“COPT” or the “Company”) (NYSE: OFC) has completed the disposition of 9690 Deereco Road and 375 W. Padonia Road in Timonium, a suburban submarket of Greater Baltimore, Maryland, for $44.5 million (approximately $181 per foot). The two previously held-for-sale properties contain roughly 246,000 rentable square feet that were 100% occupied at September 30, 2015. The Company will recognize gains on sale of $15 million in the fourth quarter of 2015.
Including these sales, COPT has now sold over $150 million of suburban property in the fourth quarter of 2015, and approximately $200 million of buildings and non-strategic land year-to-date. Counting the transfer of two properties in exchange for extinguishing secured debt in August, COPT has disposed of approximately $350 million of properties. COPT has an additional $95 million of suburban properties and non-strategic land dispositions under contract or letter of intent that are expected to close in 2016. (Please see the Company’s other press release with today’s date, “COPT Establishes 2016 FFO Per Share Guidance,” for more information on 2016 sales.)Click here to view the rest of this article