Tuesday, December 13, 2011

Once Uncertain Rosslyn Office Tower Reaches Milestone


Judging by the 1812 N. Moore construction livecams, the historically massive Monday Properties Rosslyn project is about to hit ground level - a significant milestone for any big project, much less The Tallest Office Tower in D.C. Area History - that almost wasn't.

When project backer Lehman Brothers went belly up in the wake of the financial crisis, some wondered if the 580,000-square-foot 35-story property at 1812 N. Moore would run out of funds, raising the specter of a skeletal, half-finished tower marring the Rosslyn skyline (or worse yet, a gaping pit in the middle of downtown).

Those doubts (groundless in retrospect, as Monday says it always had completion funds on hand) were put to rest when Goldman Sachs stepped in last month and bought out Lehman's stake in the 1.2 billion dollar portfolio, and the project has remained on schedule for a late 2013 delivery date.

As of today, below-grade construction is nearing completion, and the project should break above grade in a matter of weeks, if not days. “The crane is scheduled to jump up next month,” said Tim Helmig, Executive VP and Chief Development Officer at Monday. He also noted, with evident pride, that their construction crane when fully extended
to its maximum of 451 feet, will be the tallest in area history.

1812 is only one part of a massive ten building, three million square foot portfolio that altogether comprises over a third of the entire Rosslyn office submarket of Arlington, making Monday/Goldman the Microsoft of florescent-lit Starbucks-and-Dockers NOVA anomie.
Construction on 1812 was started on spec – a risky proposition in a down economy and a soft-ish market. But Monday assures DCMud it's in active negotiations with three clients to collectively lease out the entire tower. Questions about these three mega-tenant's identities were met with amusement but then expected silence. At present, 1812 is LEED Gold certified for Neighborhood Development, and anticipates being LEED Platinum certified for Core and Shell when delivered in 2013, keeping it on track to be the first LEED Platinum certified office building in Virginia, as certified by the USGBC.

Central Place, the competing project from JBG and Beyer Blinder Belle right across N. Moore Street, hasn't broken ground yet, but its developers offer assurances as to its progression. JBG spokesman Charles Maier told DCMud that is JBG is finalizing permits for the project and doesn't anticipate any obstacles to a 2012 start date.

Arlington, VA real estate development news

12 comments:

Anonymous said...

Too bad it's so bland, it looks like a 10 year old design or perhaps older? I am pretty sure I have seen this building in other cities.

Adam L on Dec 13, 2011, 6:56:00 PM said...

Can someone please explain to me how this thing going up behind the Washington Monument is not a problem while the National Capital Planning Commission gets entirely worked up over a 130-foot building in NoMa?

Anonymous said...

@Adam
Washington DC has building height restrictions. This building will be in Virginia which is a different state than Washington DC.

Anonymous said...

This is a welcome addition to Rosslyn. Once Central Place is built and the current projects under construction are finished, Rosslyn will have enough people (new residents and additional daytime workers)and retail to finally blossom.

Anonymous said...

Rosslyn will still be Rosslyn ("you can put lipstick on a pig..."). Given the height and placement of this "generica" building, I'll just to have avoid flying south into DCA on especially foggy days.

Adam L on Dec 14, 2011, 3:28:00 PM said...

@Anon 9:03

No shit, I know that. The question is what practical difference does it make? Why does DC still have the building height restrictions over all 68 sq miles of the city when the "views of the historic monumental core" can be marred simply by building across the river?

Bob See on Dec 15, 2011, 10:11:00 AM said...

Looks like a pencil stub.

Bob See on Dec 15, 2011, 10:27:00 AM said...

Adam L: "all 68 sq. miles" is hyperbole. I don't think development even reaches the current height limit in areas outside the core, never mind any desired increase. Further, seeing the mall from across the river against a backdrop of "skyscrapers" would be a lot more impactful than seeing Rossyln from the mall, which is barely visible except from the extreme west end. I don't really endorse the broad-brush height limit, but where it actually has an affect on construction (downtown) is precisely where it is considered the most beneficial to the city image.

Anonymous said...

I'm not concerned about the height. It's not that much taller than the other stuff around it. But why, why, why does it have to be so depressingly, awfully DULL??

Anonymous said...

With the interesting shapes of the Towers (1000 and 1100), complimented by 1101 in the foreground - the addition of 1812 will serve Rosslyn well. The pyramid atop the building is a defining characteristic and will only help improve the skyline. I'm excited about 1812 and careful future development throughout Rosslyn. It's thoughtful growth and is a good model for the region.

Anonymous said...

I used to work for the firm that designed 1812. I remember that at its inception, it was a brilliant design. Over the course of 8 plus years, it evolved into its current form, but I was never sure what forces caused the changes...Arlington County? The Owner? Prospective Tenants? The ever changing market? However, I am glad for the team that worked so hard on it to see it actually get BUILT.

RR said...

Shame that DC can get a building this tall.

 

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