New Manager At 500 First St. Hires Leasing Team, Plans Renovations To Replace Bureau Of Prisons
An office building two blocks from Union Station will be vacant when the Bureau of Prisons departs in April, and its new management is launching efforts to re-lease the 130K SF property.
RMR Group selected an Avison Young team of Greg Tomasso, Eli Barnes and Lauryn Harris to lease the 500 First St. NW building.
After Government Properties Income Trust's $1.4B July acquisition of First Potomac Realty Trust, the owner of 500 First St. NW, the Boston-based REIT tapped RMR to manage the building.
The Bureau of Prisons will leave early this year for its new office at 370 L'Enfant Plaza SW, a 113K SF deal the General Services Administration inked in 2016. The building will undergo a major renovation following the agency's departure, and RMR plans to release more details on its plans in the coming months.
"The recent acquisition of 500 First St. NW has provided us with an exciting opportunity to introduce the asset to the market for the first time in more than 20 years," RMR Group Vice President of Asset Management Chris Bilotto said in a release. "We look forward to announcing the scope of the renovation plans at the building in early 2018."
