DC's Fastest-Growing Neighborhood
We swept through NoMa yesterday to see what else could possibly be cropping up. Our first stop was a broker event for StonebridgeCarras' and Walton Street Capital's brand-spanking-new Three Constitution Square office, where we snapped Stonebridge's Doug Firstenberg with Cassidy Turley's Zeke Dodson, Laurie McMahon, Kerri Mulligan Salih, and Stonebridge's Mark Allard and Kevin Cosimano. Doug tells us he's already speaking with large private sector tenants for the 368k SF property. There's also 15k SF of retail downstairs, which Doug tells us may not lease up 'til the building's anchor tenants are in place. Rents are in the $50/SF range, Laurie tells us.
Three Constitution Square is also just 55 feet from the Metro, which should be another carrot for big users. (Though if they were really into the health benefits of carrots, they'd walk.) The retail will add to an already vibrant NoMa streetscape, which Laurie says has become a truly 24/7 atmosphere: "If you come here on a Saturday, it's just as active as it is during the week."
Skanska's proposed 88 M St, a 900k SF mixed-use project a few blocks over, figures to liven up NoMa even more. It just got the green light from the District, though the firm will reportedly wait before building to lock up an office anchor. (Always good to know how tall everyone is before building the ceiling.) And just over 88 M's shoulder is JBG's 200-room Hyatt Place hotel at 33 New York Ave, which should deliver later this year.
The hotel is part of JBG's massive Capitol Point project, which, if fully built-out, could bring another 1M SF of office, 60k SF of retail, and 375 residential units to NoMa.
