HFF Secures JV Partner for DC Trophy Office
- Apr 11, 2017
On behalf of the developer, Lincoln Property Co., HFF has arranged a joint venture for the acquisition and development of 699 14th St. NW, a planned 11-story trophy office building in Washington, D.C., one and a half blocks from the White House. Lincoln’s JV partner is Chicago-based Pearlmark Real Estate, a boutique real estate manager and principal investor.
The site is at 14th and G streets in Washington’s East End and was previously home to The National Bank of Washington. The JV plans to renovate the historic bank building, vacant for the past 26 years, such that it becomes the main lobby for the whole project.
On completion, the project reportedly will deliver about 135,000 rentable square feet of office and 25,000 rentable square feet of retail space. Designed by Shalom Baranes Associates, the office building will feature floor-to-ceiling glass windows, 9-foot ceilings, and multiple common and private outdoor terraces.
Construction is to begin in the fourth quarter of 2017, according to Lincoln Property Co., and the building is scheduled to deliver in the fourth quarter of 2019.
Matt Haley and Ryan Kruzel were the lead executives on the transaction for Pearlmark, which made the investment on behalf of a separate account. Lincoln Property Co’s D.C. team of John Marvin Jones and Adam Biberaj will handle office leasing and Joe Falcone of Lincoln’s retail group will focus on the retail leasing efforts.
Both Shalom Baranes Associates and zoning counsel Goulston & Storrs worked on obtaining approvals from both the Historic Preservation Review Board and the Board of Zoning Adjustment
The HFF team representing the developer was led by Stephen Conley, Susan Carras and Andrew Weir.
The 35,000-square-foot bank building was completed in 1926 and was added to the National Register of Historic Places in 1994. Designed by Alfred C. Bossom and Jules Henri de Sibour, it has a limestone-covered exterior and features a Classical Revival facade and large arched windows.
The interior includes a bronze-accented vestibule and a Renaissance Revival banking room with a marble entrance stair, mezzanine, elaborate polychrome ceiling, chandeliers and ornamentation in classical motifs.
As of June 2015, according to the Washington Business Journal, the vacant bank building was being marketed primarily for reuse by retailer or restaurant tenants. It was then owned by the Minneapolis-based Cafesjian Family Foundation, which also owns three adjacent, vacant parcels that total 12,000 square feet.