Developers Move Offices into Nationals Park Neighborhood
The neighborhood around Nationals Park is booming with apartments, restaurants and retail…but where are the offices? Vacancy rates are at about 12%, and offices are noticeably missing from construction plans, which involve 1,600 apartments, 71k SF of retail and three hotels. It appears businesses might be reluctant to come to the area after the recession dashed hopes for a lot of projects. Now, developers have come up with a creative solution: moving into their own buildings. William C. Smith & Co. started the trend in 2004 when it moved HQ into 1100 New Jersey Ave. Other examples include Forest City Washington, which moved into 301 Water St SE, and PN Hoffman and Madison Marquette, the developers of the Wharf, which also moved to Water Street. Not only do these developers get to benefit from residential, retail and restaurant activity, along with a central location and great transportation, but it's also handy for marketing, according to the Washington Post. And it just might be working. Last week Monument Realty announced a deal to build the National Association of Broadcasters HQ at One M Street (pictured). Meanwhile, CBS Radio and the National Labor Relations Board will move to 1015 Half St SE, vacant for three years. [WaPo]
