Monday, June 12, 2006

DC’s Downtown Parking Lots Disappear


So much for easy parking downtown. For those who prefer surface parking over the subterranean alternative, downtown DC just got more difficult as the last of the surface parking lots is developed into office space. The latest lot to go was at E St. between 8th and 9th Streets, adjacent to the Hotel Monaco. In its place will rise a joint venture by Boston Properties and KEG 1 Associates to produce a Class A office building with three levels of parking, two roof top decks, a fitness center and 325,000 sf of rentable office space. Construction commenced in April, with occupancy planned for October 1, 2007, on which date DLA Piper Rudnick is scheduled to become the first occupant. According to Boston Properties, 271,000 sf of office is already spoken for, and The Washington Stage Guild has leased 11,000 of the 16,000 sf of retail space. Downtown DC office space has some of the highest occupancy rates in the country, with many buildings currently above 95 percent occupancy.

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