Washington DCWASHINGTON DC – Joint-venture partners, Rockefeller Group and Stonebridge have been selected by the Washington Metropolitan Area Transit Authority (Metro) to redevelop a 48,401-square-foot parcel, located at 600 5th Street NW in Washington DC.
The full-block site, owned by Metro, hosts the agency’s eight-story, headquarter property, the Jackson Graham Building. Located within the city’s Gallery Place retail and entertainment district, the property is situated in between the Capital One Arena and the National Building Museum, and is in close proximity to the Gallery Place and Judiciary Square stations.
Metro began the selection process for prospective developers in 2019 with a formal request for proposals; soliciting offers for the site, under the terms of a long-term ground lease.
Planning to redevelop the site and reposition the office building, which has served as Metro’s headquarters for nearly 50 years, the joint-venture partners intend to add square footage while keeping the building’s structure intact. The partners are currently considering a variety of uses for the space, from modern, high-density office space to ground-floor retail and mixed-use space.
Metro will consolidate its headquarters; relocating more than 3,300 employees to the L’Enfant Plaza, Eisenhower Avenue and New Carrollton Metro stations. The re-imagination of the site is intended to generate new jobs, retail and community benefits for the area.
Under terms of the agreement, Metro is posed to retain ownership of the underlying property, and the development partners will control the site and future development, under a long-term lease; allowing Metro to occupy the building on a short-term basis while generating sustained revenue from the site. The agreement will be presented to the Metro Board of Directors later this week.
Real estate developer, owner and operator, Rockefeller Group holds a 90 year history and is recognized for its involvement in large-scale, urban, mixed-use developments.
A privately-held, real estate development and investment firm, Stonebridge has been involved in the acquisition, development, joint-venture, financing and disposition of real estate assets within the Washington DC area, totaling more than $6 billion in value.
"metro" - Google News
February 12, 2020 at 01:49AM
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DC Metro Selects JV Partners to Redevelop Headquarter Site - GlobeSt.com
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