Wednesday, January 06, 2010

Office Trends: Condos on K Street

111 K Street, NW, Washington DCA McPherson Square office building next door to Archibald's Gentleman's Club will soon become 12 office condo units, offering ownership opportunities for businesses or organizations downtown at 1522 K Street, NW.  The 11-story, 1964 office building is undergoing a face lift at the hands the Detroit-based MayfieldGentry Realty Advisors, which purchased the property in May 2008. The office condo option is a new trend, just check out J Street's 111 K St NE building in NOMA; they're all the rage.

Group Goetz Architects, Akridge, Davis ConstructionMayfieldGentry plans to split the 91,000 s.f. structure into ten 8,500 s.f. units and two 2,500 s.f. units and then sell the space off, floor-by-floor. According to Karen Waldon, Vice President of Asset Managment for MayfieldGentry, the company is "targeting LEED Silver" for the $6.5 million project.

The designers at Group Goetz Architects have a glass fa├žade, updated conference and fitness facilities, and new stairs and elevator cabs in mind for the space. State-of-the-art heating and cooling systems and a 46-car garage will also be part of the finished package.

Marketing by Akridge has just begun for the space, but Waldon assures us that there has been "a lot of interest in the project." With a pitch that emphasizes tax-exempt bond financing to potential buyers as a way to make ownership in DC possible, it's not surprising that Waldon says her company hopes to "bring more of the associations and nonprofits back to downtown DC."

A final construction timeline for the project is still unclear. In mid-December Mayfield awarded the construction contract to Davis Construction to handle the heavy lifting. If all goes according to plan, downtown DC could be welcoming another crystal clear office structure to its brood as early as summer 2011.

The price per s.f. ranges from $526 to $676, which includes a build-out allowance of $60.00 per s.f. and two covered parking spaces.

Renderings provided by MayfieldGentry's brokers at Cushman and Wakefield

Washington, DC real estate and development news


Anonymous said...

This development looks like a great improvement to a horrible looking building. Now if they could only get rid of Archibalds.

the poo gets around dc said...

archibald's is one of the best reasons for relocating into that bldg.! are you kidding me?! i used to work for a lobbying firm three blocks away from there, and we would always go there for lunch. one time, i encountered the argentine ambassador there. obviously you've never been to this d.c. landmark!

Anonymous said...

Amen, poo.

Anonymous said...

Archibald's time has come and gone, we are in the 21st century. It's time to grow up.

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