NE Gets Another Government Tenant

[Guest Derek]

See this news item from the Washington Business Journal. NoMa is becoming the place to be in real estate.

 

Wednesday, July 14, 2010, 11:02am EDT | Modified: Wednesday, July 14, 2010, 5:33pm

 

U.S. Parole Commission is moving to Northeast

 

Washington Business Journal - by Tierney Plumb

 

[http://www.bizjournals.com/washington/stories/2010/07/12/daily31.html]

 

NoMa is getting yet another influx of federal employees. The 34 arrivals are moving from Maryland to the Northeast D.C. submarket.

 

The U.S. Parole Commission, part of the Justice Department, is taking 36,438 square feet at 90 K St. NE under a 10-year deal.

 

The General Services Administration signed the lease for the commission`s space on July 9.

 

The tenant is expected to occupy the entire third floor of the 12-story building in the second quarter of 2011, which will make the 412,661-square-foot building in the heart of NoMa about 30 percent full.

 

The commission, which grants or denies parole, will move from its current 34,000-square-foot home at 5550 Friendship Blvd. in Chevy Chase.

 

In late June, 90 K St. nabbed its first tenant when the GSA signed an 85,000-square-foot lease on behalf of U.S. Customs and Border Protection, a Department of Homeland Security agency.

 

The building, also known as Sentinel Square I, meets Level IV security standards and is expected to get a Gold Leadership in Energy and Environmental Design stamp.

 

Completed in April, it is the first of four planned phases entailing about 1.3 million square feet of new construction.

 

The second-phase plans calls for a 290,000-square-foot building fronting First Street and adjoining 90 K St.

 

The landlord — a joint venture that includes affiliates of Trammell Crow Co., Crow Holdings and Cottonwood Partners Management Ltd. — was represented by Tom Finan, managing director of Trammell Crow.

 

The tenant was represented by the GSA`s Joel Berelson and Sean McNeal, and Studley Inc.`s Neil Levy and Julie Rayfield.

 

The Parole Commission will fit in nicely in the quadrant, which has become a magnet for federal tenants.

 

One Constitution Square at 1275 First St. NE and its sister building at Two Constitution Square, 145 N St. NE, have full-building commitments from the GSA and Justice Department, respectively.

 

StonebridgeCarras LLC and Walton Street Capital LLC recently sold Two Constitution Square to Northwestern Mutual Life Insurance Co. for $305 million, showing the value of owning property that is leased to the federal government.