225 Virginia Ave, Washington DC
- Redevelopment of existing facility into Class A, LEED Silver office space.
- 24 month construction period.
- 20-year lease with the District of Columbia Government; the property and its improvements will revert to the District at the conclusion of the lease.
- Approximately $85 million construction to permanent financing.
- Subject to annual appropriations risk.
- Following the renovation, the District will save approximately $6.5 million per year in lease payments.
- Successful public-private partnership solved two issues for the District: an aging office space and a burdensome lease payment for an unfinished, unoccupied building.