Author: Neil Savage

Working with real estate developers Akridge and COPT, Balti Virtual created an exhibit for the building, which sits next to the historic Thaddeus Stevens School.

Talk of augmented reality, and it often brings to mind a future where glasses or displays are adding digital elements to what we see. Yet as use cases emerge, the technology is also proving to be valuable for engaging with history.

The latter will be on view inside a new office building at 21st and L streets in downtown D.C. In the lobby of the building, Baltimore AR/VR studio Balti Virtual created an augmented reality exhibit to educate visitors on the site’s past as a home to one of the District’s first schools built solely with public funds to educate Black children.

In the lobby of the building, the exhibit features images including the Thaddeus Stevens School, as well as its namesake and notable alumni. Scanning the images with Balti Virtual’s AppAR8 app on a phone or iPad will bring them to life in a “magic window” with animation and speech from each figure. Along with Stevens, the figures on display include alums of the school such as Washington Post columnist Colbert King and the singer Roberta Flack, as well as prominent D.C. figures such as the surgeon and blood bank pioneer Dr. Charles Drew.

The exhibit, which is in place but will have a public opening when COVID-19 restrictions allow, is part of an effort to connect the legacy of the site. The historic Thaddeus Stevens School, which closed as a public in 2008 but is being renovated, still sits adjacent to the 10-story office building. With the land owned by the District, it’s always been a priority to have an exhibit for the public at the site, along with a scholarship and other public amenities such a pocket park.

“This piece in the lobby was to continue to tell that story of what Thaddeus Stevens was about,” said David Toney, VP of Development at Akridge, a real estate firm that is developing the property along with Corporate Office Properties Trust (COPT). Stevens was an “abolitionist who fought for education for all people no matter their skin color,” said Toney.

Initially it was envisioned as more of a static story wall. But Akridge had worked with Balti Virtual previously, and the team decided AR could be a route to bring the historical figures to life. The District was on board.

“In hindsight it was a brilliant move,” said Dean Lopez, senior VP for development and construction with Columbia-based COPT.

Balti Virtual researched the content and developed artwork. As they progressed, Toney spoke with King and Charlene Drew Jarvis, a former D.C. councilmember and Southeastern University president who is the daughter of Dr. Drew.

“It was a very good collaborative effort to come up with the right language and narrative for the stories,” Toney said.

Being a “trophy” office building, the development team at Akridge and COPT also saw AR as helping with design of a high-end space.

“It’s nice that you can access that level of content when you want it, but then it sort of recedes” if you’re not looking through your phone, said Balti Virtual CEO Will Gee.

Reflecting the past, it’s an exhibit that’s created with an eye toward tomorrow. For Gee, who sees a future in 15 to 20 years when augmented reality is a more prevalent part of our every day experience, it’s also something that can grow in the future. Toney said the partners can add to the offerings with additional content or as technology evolves.

“We’re excited about the future possibilities of this content,” said Gee. “Right now it’s packaged up neatly and fits within the space.”

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The $10,000 scholarship honors the legacy of Thaddeus Stevens

(Washington, DC)— Akridge is proud to award Brayan Hernandez the Thaddeus Stevens School Scholarship for 2018. A recent graduate of Benjamin Banneker Academic High School, Hernandez plans to attend The Catholic University of America this fall. The $10,000 scholarship reflects Akridge’s commitment to the community and to the legacy of Thaddeus Stevens, who was a U.S. Congressman and a strong opponent to slavery.

Akridge, along with development team partners Corporate Office Properties Trust (NYSE: OFC) (“COPT”) and Argos Group, formed the scholarship in conjunction with the development of Stevens School and Stevens Place at 2100 L Street. Hernandez is the first recipient of the Thaddeus Stevens School Scholarship. Akridge offers the scholarship to students from the District of Columbia who are pursuing an undergraduate degree on a full-time basis. In order to qualify for the scholarship, applicants must provide proof of residency, as well as proof of college acceptance or enrollment. Applicants must have and maintain a minimum cumulative GPA of 2.5 on a 4.0 scale at the time of application.

The scholarship review committee, which included ANC 2A Commissioner Florence Harmon and West End Citizens Association President Sara Maddux, expressed delight in working on the first of five annual scholarships provided by Akridge.

“We received a great number of applications, underscoring the wonderful partnership between Akridge and the community to spread the word about the scholarship. The review committee took joy in seeing such high quality in the respondents’ applications and learning about these amazing young scholars from across the District, as they prepare to embark on their college careers”, said Victoria Murray Baatin, the scholarship’s administrator.

Akridge, COPT, and Argos Group worked closely with the District and the local community on the Stevens project to incorporate several design elements and community outreach worthy of Thaddeus Stevens’ legacy. The property will include a rotating art gallery of works from African American artists, as well as a statue outside the building and an office lobby exhibit commemorating Thaddeus Stevens. In addition to the scholarship, the developers will provide various community benefits including a program working with local schools to expose students to real estate development and construction.

Site at 2100 L Street to deliver a renovated school and a new trophy office building

(Washington, DC)— A number of corporate executives and District officials gathered at 2100 L Street , NW to celebrate the start of construction of Stevens School and Stevens Place. Akridge and the District of Columbia (DC) have collaborated for 19 years to establish a plan for the historic Thaddeus Stevens Elementary School and an adjacent parcel of land that was previously the school’s playground. As one of DC’s first public
schools built for the education of African American children, Stevens School has significant importance to the city’s history. The developer, a partnership of Akridge, Corporate Office Properties Trust (NYSE: OFC) (COPT), and Argos Group ,will renovate the school building, which upon completion, will reopen as a DC public school.

Designed by Gary F. Martinez, FAIA of Martinez & Johnson Architecture, the 190,000-square-foot office building will feature multiple facades of floor-to-ceiling glass and a sculptural embellishment designed by renowned artist Jan Hendrix. 2100 L Street boasts efficicent, 20,000-square-foot floorplates and a full host of 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 deliver in early 2020. The global law firm, Morrison & Foerster LLP, has preleased 43 percent of the building.

The developer worked closely with the District to incorporate several design elements and community outreach that will benefit the surrounding neighborhood. 2100 L Street will honor the Stevens School namesake, Thaddeus Stevens, who was a U.S. Congressman and a strong opponent to slavery. The property will include a rotating art gallery of works from African American artists, as well as a statue outside the building and a feature wall commemorating Thaddeus Stevens. 2100 L Street will provide various community benefits including a college scholarship program for local DC students, as well as a program working with local schools to expose students to real estate development and construction.

“With this project, we’re delivering on our commitment to expand access to early child care,” said Mayor Bowser. “Together, we are giving new life to an important historic landmark, moving forward a long-stalled project, and creating a much-needed resource for our community.”

“Akridge is proud of its role in the Stevens School and 2100 L Street,” said Matt Klein, President of Akridge. “We are eager to strengthen our commitment to the community through both buildings and look forward to delivering a sophisticated and efficient building at 2100 L Street.”

COPT’s President & CEO, Stephen E. Budorick, stated, “We are honored to be an essential member of the team that restores the historic Stevens School to its former greatness, so it can serve the Washington, DC community once again.”

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.

Thaddeus Stevens Elementary School was built in 1868 as one of D.C.’s first publicly funded schools for African-American children — the children of freed slaves — and named for the abolitionist and former Pennsylvania congressman who helped to draft the 14th Amendment. The school was closed in 2008.

Moving on proved to be a three-administration challenge.

It was Mayor Adrian Fenty‘s administration that kicked off the process in 2009 with the selection of Chicago-based Equity Residential to redevelop the site as an apartment complex — a proposal that outraged the West End community. Fenty cut ties with Equity just before leaving office in 2010, and left the Stevens effort to Mayor Vincent Gray, who selected Akridge and Argos a couple of years later.

Five years of delays followed for a host of reasons — finalizing the complicated deal, locking up an educational partner, and so on. D.C. Council approval for the ground leases came in December 2014, just before Gray left office, leaving the last details to Mayor Muriel Bowser.

Most recently, the project was on hold in part because the school parking lot was home to a temporary fire station while Fire and EMS Engine No. 1 was under reconstruction. The new fire station, which sits below a 52-unit affordable apartment building and a squash facility, Squash on Fire, opened in May at 2225 M St. NW.

Law firm to move into over 80,000 square feet in new Akridge developement

(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).

“Akridge is honored to announce Morrison & Foerster as the lead Client at 2100 L Street,” said Akridge President Matt Klein. “Akridge, COPT, and Argos have worked hard to create a project with a sophisticated design, an efficient floor plate, and an excellent mix of building amenities. It is gratifying that a firm as prestigious as Morrison & Foerster has chosen 2100 L Street as its new home.”

Cushman and Wakefield’s Audrey Cramer and Malcolm Marshall represented Morrison & Foerster, while Ben Meisel, Wil Pace, Tim McCarty, and McKay Elliott of Akridge provided landlord representation for the property.

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.

“The Humane Society sold the L Street building to take advantage of a unique opportunity stemming from its key position on the block and to put those funds to work to support the Society and its critical animal programs,” said Paul Graham, a senior vice president at Colliers International, the seller’s representative in the transaction.

The sale follows the December 2014 D.C. Council approval of a proposal— pitched by Akridge and Argos; COPT was a late addition — to renovate the historic Thaddeus Stevens Elementary School at 1050 21st St. NW, and use a D.C.-owned lot adjacent to Stevens, in addition to the Humane Society parcel, to construct a 10-story, 190,000-square-foot office building. The Ivymount school, which specializes in school- and community-based services for children and young adults with special needs, will be the lead tenant in the renovated Stevens.

The new office tower will include floor-to-ceiling glass, a landscaped roof terrace, a two-story lobby and 8,000 square feet of retail space. Work is expected to begin in 2016, with delivery in late 2018.

The Stevens School projects dates back to 2009, when then-Mayor Adrian Fenty chose Equity Residential Inc. to redevelop the Stevens lot into an apartment building and restaurant. Neighbors protested, and the Equity plan was nixed. Mayor Vincent Gray rebid the project in 2012, settling on Akridge and Argos over three competitors. Two and a half years passed before their proposal earned council support.

Thaddeus Stevens, from Pennsylvania, served as a member of the U.S. House of Representatives during Abraham Lincoln’s presidency. He was a fierce opponent of slavery and helped draft the 14th Amendment that abolished it.

Renovating Stevens is expected to cost the development team $18 million. The project must include a statue commemorating Thaddeus Stevens, a wall celebrating the legacy of Thaddeus Stevens and the school, a rotating art gallery celebrating the work of African American artists, a $10,000 per year scholarship and $570,000 for an Ivymount operational fund.

COLUMBIA, Md.–(BUSINESS WIRE)– 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.)

New Investment Activity Highlights Strength of Strategic Locations

COPT also announces two new developments that, on average, are 75% pre-leased to strategic tenants in two markets. The Company expects to invest an incremental $55 million in these two projects as follows:

• At The National Business Park in Annapolis Junction, Maryland, the Company has signed a 50% pre-lease with a defense contractor for NBP 540, a 144,500 square foot project that will be the first building in the park’s 500 series. Construction will start immediately in anticipation of the tenant taking occupancy in the first quarter of 2017.
• In Northern Virginia, the Company is finalizing a long-term lease with a subsidiary of an investment grade Fortune 500 company to deliver an approximate 149,000 square foot shell building in the second quarter of 2016. The development will be the third and final building at the project known as Patriot Point in Ashburn, Virginia. Patriot Point will be 100% leased to this strategic tenant.

“Our customer and market relationships, combined with rebounding defense contractor activity, have resulted in a growing pipeline of development opportunities,” stated Roger A. Waesche, Jr., COPT’s President & Chief Executive Officer. “The Bipartisan Budget Act of 2015 increases the Department of Defense’s base budget for the next two years, including 5% growth in the current fiscal year. Clearly, contractors are regaining confidence in the outlook for their businesses.”

Joint Venture with Akridge Provides Option to Build Trophy Office Asset in DC

The Company has entered into a joint venture with Akridge (“Akridge”) to acquire and improve land at the southwest corner of 21st and L Streets (“2100 L Street”) in Washington, DC. The site is located at the western-edge of the Central Business District’s Golden Triangle ‒ one of downtown Washington, DC’s most vibrant and established office locations. 2100 L Street is within walking distance of several major metro stations, including Farragut North, Farragut West, DuPont Circle and Foggy Bottom-GWU. Design and preconstruction work on the approximately 190,000 square foot trophy office building are underway. Subject to certain pre-construction conditions, the site will be available for construction to commence in early 2017, and completion is anticipated in late 2018 or early 2019. COPT owns a 95% controlling interest in the joint venture, which will secure property-level debt to fund the majority of the construction costs. COPT will fund its equity contributions primarily with proceeds from the sale of non-strategic land in 2016.

Company Information

COPT is an office REIT that focuses primarily on serving the specialized requirements of U.S. Government agencies and defense contractors, most of which are engaged in defense information technology and national security-related activities. As of September 30, 2015, COPT derived 75% of its core portfolio’s annualized revenue from its strategic niche properties and 25% from its regional office properties. The Company generally acquires, develops, manages and leases office and data center properties concentrated in large office parks primarily located near knowledge-based government demand drivers and/or in targeted markets or submarkets in the Greater Washington, DC/Baltimore region. As of September 30, 2015, the Company’s core portfolio consisted of 164 office properties totaling 17.5 million rentable square feet. COPT is an S&P MidCap 400 company.

Forward-Looking Information

This press release may contain “forward-looking” statements, as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that are based on the Company’s current expectations, estimates and projections about future events and financial trends affecting the Company. Forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “could,” “believe,” “anticipate,” “expect,” “estimate,” “plan” or other comparable terminology. Forward-looking statements are inherently subject to risks and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Accordingly, the Company can give no assurance that these expectations, estimates and projections will be achieved. Future events and actual results may differ materially from those discussed in the forward-looking statements.

Important factors that may affect these expectations, estimates, and projections include, but are not limited to:

• general economic and business conditions, which will, among other things, affect office property and data center demand and rents, tenant creditworthiness, interest rates, financing availability and property values;
• adverse changes in the real estate markets including, among other things, increased competition with other companies;
• governmental actions and initiatives, including risks associated with the impact of a prolonged government shutdown or budgetary reductions or impasses, such as a reduction in rental revenues, non-renewal of leases, and/or a curtailment of demand for additional space by the Company’s strategic customers;
• the Company’s ability to borrow on favorable terms;
• risks of real estate acquisition and development activities, including, among other things, risks that development projects may not be completed on schedule, that tenants may not take occupancy or pay rent or that development or operating costs may be greater than anticipated;
• risks of investing through joint venture structures, including risks that the Company’s joint venture partners may not fulfill their financial obligations as investors or may take actions that are inconsistent with the Company’s objectives;
• changes in the Company’s plans for properties or views of market economic conditions or failure to obtain development rights, either of which could result in recognition of significant impairment losses;
• the Company’s ability to satisfy and operate effectively under Federal income tax rules relating to real estate investment trusts and partnerships;
• the Company’s ability to achieve projected results;
• the dilutive effects of issuing additional common shares; and
• environmental requirements.

The Company undertakes no obligation to update or supplement any forward-looking statements. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, particularly the section entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

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