News
MONUMENT GAINS GROUND
October 21, 2011
 |
| No, this isn't Monument Realty prez Michael Darby?s new approach to acquisitions—he led the pirate team for the sailing competition at Monument?s recent retreat in Annapolis. But he is indeed anxious to charge forward on his Crystal City, Va., building for Boeing, which he tells uswill break ground within 30 days, thanks to the Arlington County Board of Supervisors approving the project and Monument locking in a $117M construction loan, both on Monday. Carbon War Room CEO Jigar Shah (and some other VIPs, see below) will join Michael to speak at Bisnow's 2011 Renovation & Construction Summit next Friday, Oct. 28, at the Bethesda North Marriott. Sign up now! |
 |
| Michael also tells us Monument just struck a deal to add an eighth floor to 2055 L in DC (come to the event to see the new design!) andone or two significant leases for 2055 L will be announced soon. The developer didn't plan to add to the footprint when it bought the property from Verizon in December, but a prospective tenant wanted the space, which will include conference and meeting facilities. Demand there is brisk, considering Monument?s strategy to offer A-minus space at a significant discount ($43 to $45/SF) to new DCClass-A space (as high as $65/SF). The building's exterior renovation will finish next month, and the addition will deliver by the end of '12. |
 |
| Another panelist, Akridge?s Dodd Walker, tells us Bethesda?s about to get its first ?new? office building in 11 years when it delivers a year from now. He's working on the $50M repositioning of 7550 Wisconsin Ave. Akridge bought the 120k SF property at auction in '10, and it's been vacant since the GSA left in 2001. It'll get new skin (floor-to-ceiling glass), new systems, and all the current Class-A perks: LEED Gold, a rooftop deck, and a fitness center. |
 |
| Another speaker: Tower Cos' Jeffrey Abramson. His development chief Ed Murn (above, with colleague Debbie Webb) tells us 3,500 new apartment units have delivered in Silver Spring over the past three years, spurring a major renovation of The Blairs in Silver Spring. Phase 1 focused on sustainability (it received the world's first LEED Platinum existing residential building certification this summer) and amenities like a business center to attract Gen Y renters. Up next: sweeping changes to the 27-acre project's master plan, with as many as 1,400 apartments and 280k SF of commercial space. |
