- The Washington Times - Monday, May 21, 2001

The Federal Trade Commission signed a lease Thursday for 200,000 square feet at 601 New Jersey Ave. NW, an office building under construction on Capitol Hill.

The agency will occupy the first seven floors in the nine-story building. The 10-year lease is valued at more than $80 million.

The trade commission currently occupies about 125,000 square feet at 601 Pennsylvania Ave. NW. It is scheduled to move into its new digs in July 2002.

Lowe Enterprises and the Teachers Insurance and Annuity Association are developing the building, which will have three levels of underground parking and views of New Jersey and Massachusetts avenues and F Street.

The FTC?s move ?validates Lowe?s excellent prediction that Capitol Hill is the next emerging market in downtown D.C.,? says Lou Christopher, a senior vice president of Cushman Realty Corp., the brokerage that helped Lowe secure the tenant.

Spaulding & Slye represented the FTC in the deal.

The FTC has about 600 employees. Its goal is to move by January 2003, a spokesman says.

Mr. Christopher says Lowe is scouting for tenants to take the top two floors in the $65 million 601 New Jersey Ave. building. Those remaining floors feature about 58,000 square feet of space, he says.

Planning roundup

Local planning boards are busy deciding the fates of several big projects.

• The Gaithersburg City Council is scheduled to vote June 18 on the proposal for Parklands, a commercial and residential project on Watkins Mill Road. The development will be built in phases, and could eventually yield 1,100 homes, 1.8 million square feet of office space and two hotels with more than 200 rooms apiece.

• Montgomery County planners on May 10 approved a proposal to replace the O?Donnell?s seafood restaurant on Wisconsin Avenue in Bethesda with a 164-unit apartment complex.

• Also May 10, Fairfax County planners delayed a decision on a redevelopment plan for Merrifield. The proposals include a new town center, more sidewalks, better streetscaping, open space and zoning changes to allow denser development. Planners are now scheduled to vote Thursday.

• Meanwhile, the Fairfax County Board of Supervisors endorsed a plan for a $100 million mixed-use project near the Huntington Metro Station. Plans call for 650 houses and apartments and 280,000 square feet of office and retail space.

In other news

Republic Properties has bought the Corporate Pointe IV building in Chantilly for $12.3 million. The John Akridge Cos. sold the 80,118-square-foot property, which is occupied by government contractor CACI. Local brokerage Grubb & Ellis helped arrange the sale.

• Walker & Dunlop, the Bethesda mortgage banking firm, arranged $4.9 million in financing for North Stafford Plaza, a 79,737-square-foot retail building in Stafford, Va. A limited partnership bought the property, Walker says.

• Eagle Design will lease 35,000 square feet at 7830 Old Georgetown Road, a 53,800-square-foot building in Bethesda. D.C. brokerage Cassidy & Pinkard represented the building?s owner in the deal, an institutional investor.

• Charles Schwab & Co. has signed leased for two new locations in Northern Virginia. The financial services firm will take 7,758 square feet at 8300 Boone Blvd. in the McLean area, and 4,532 square feet at 1110 N. Glebe Road in Arlington. Local brokerages Grubb & Ellis and Handler Real Estate Services helped arrange the deals.

• Cassidy & Pinkard arranged mortgage financing for 1111 18th St. NW. Terms were not disclosed. The borrower was an affiliate of Blake Real Estate of D.C. Prudential Mortgage Capital provided financing. The building features 74,234 square feet of rentable office space and is fully leased by the U.S. General Services Administration.

• Chris Baker can be reached at 202/636-3139 or [email protected]




Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide