1999 YEAR-END MARKET REPORT
Washington, D.C. Office Report
| Total Inventory: |
93,021,716
|
||
| New Deliveries and Completed Renovations: |
1,483,136
|
||
| Net Absorption: |
1,865,142
|
||
| Projects Under Construction and Under Renovation: |
5,131,373
|
||
| Vacancy Rate (Excluding Sublet): |
5.01%
|
||
| Vacancy Rate (With Sublet): |
5.97%
|
||
| Office Space Available: | Square Feet | ||
| Direct (New + Relet): |
4,657,700
|
||
| Sublet: |
892,547
|
||
| Total Office Space Available: |
5,550,247
|
||
| Space in Projects Under Construction and Under Renovation: |
2,110,794
|
||
| Under Construction (u/c) and Under Renovation (u/r) | Square Feet | ||
| 101 Constitution Avenue, NW |
502,609
|
u/c
|
|
| 750 9th Street, NW |
310,604
|
u/c
|
|
| 1501 K Street, NW |
370,855
|
u/c
|
|
| 500 5th Street, NW |
352,000
|
u/c
|
|
| 555 11th Street, NW |
348,200
|
u/c
|
|
| 77 P Street, NE |
347,743
|
u/c
|
|
| 1111 Pennsylvania Avenue, NW |
329,855
|
u/c
|
|
| 701 9th Street, NW |
329,000
|
u/c
|
|
| 1201 15th Street, NW |
300,000
|
u/r
|
|
| 300 M Street, SE |
281,296
|
u/c
|
|
| 1919 M Street, NW |
255,000
|
u/r
|
|
| 2001 K Street, NW |
239,607
|
u/c
|
|
| 1725 Eye Street, NW |
231,198
|
u/c
|
|
| 1201 F Street, NW |
214,162
|
u/c
|
|
| 2099 Pennsylvania Avenue, NW |
199,118
|
u/c
|
|
| 4250 Connecticut Avenue, NW |
194,968
|
u/r
|
|
| 1399 New York Avenue, NW |
118,172
|
u/c
|
|
| 901 F Street, NW |
100,000
|
u/r
|
|
| 1111 18th Street, NW |
74,264
|
u/c
|
|
| 1808 Eye Street, NW |
32,722
|
u/c
|
|
| Total |
5,131,373
|
||
| 1999 Buildings Taken Out of Inventory | Square Feet | ||
| 806 15th Street, NW |
154,000
|
||
| 2033 M Street, NW |
86,358
|
||
| 3224 16th Street, NW |
54,000
|
||
| 900 15th Street, NW |
50,000
|
||
| Total |
344,358
|
||
| New Deliveries and Completed Renovations | Square Feet | ||
| 401 9th Street, NW |
386,362 |
||
| 1909 K Street, NW |
233,400
|
||
| 801 9th Street, NW |
232,000
|
||
| 51 Louisiana Avenue, NW |
204,000
|
||
| 600 14th Street, NW |
193,922
|
||
| 1825 Connecticut Avenue, NW |
186,616
|
||
| 800 Eye Street, NW |
46,836
|
||
| Total |
1,483,136
|
||
| Largest Non-Renewal Lease Transactions | Address | Square Feet | |
| 1) American Council of Life Insurance* | 101 Constitution Avenue, NW |
150,000
|
|
| 2) GSA - Child & Family Services | 400 6th Street, SW |
125,503
|
|
| 3) DC Government | 51 N Street, NW |
120,500
|
|
| 4) XM Satellite Radio | 1500 Eckington Place, NE |
120,000
|
|
| 5) GSA - Department of Agriculture | 800 9th Street, SW |
98,478
|
|
| 6) GSA - Internal Revenue Service | 1750 Pennsylvania Avenue, NW |
92,662
|
|
| 7) Litton PRC, Inc.* | 300 M Street, SE |
91,733
|
|
| 8) Lockheed Martin Corporation* | 300 M Street, SE |
73,808
|
|
| 9) GSA - Treasury Inspector General for Tax Administration |
1125 15th Street, NW |
68,526
|
|
| 10) Watson Wyatt Worldwide | 1717 H Street, NW |
58,718
|
|
| *Prelease | |||
| Largest Office Sales Transactions | |||
| Address | Purchaser |
RBA
|
Price |
| 1) 1099 14th Street, NW | Lend Lease Real Estate Investments |
443,178
|
$115,325,000
|
| 2) 1615 L Street, NW | MGP Real Estate LLC |
391,979
|
$100,000,000
|
| 3) 1200 New Hampshire Avenue, NW | TMW Realty Associates, Inc. |
276,319
|
$81,300,000
|
| 4) 1201 New York Avenue, NW | Falcon Real Estate Company |
304,916
|
$81,000,000
|
| 5) 800 North Capitol Street, NW | National Government Properties |
308,000
|
$73,920,000
|
| 6) 600 New Hampshire Avenue, NW | LaSalle Advisors |
302,788
|
$68,500,000
|
| 7) 1776 G Street, NW | Hines Interests/CalPERS |
260,190
|
$55,900,000
|
| 8) 1225 Connecticut Avenue, NW | Blackstone Real Estate Advisors |
202,915
|
$52,960,000
|
| 9) 1150 18th Street, NW | Cambridge |
171,310
|
$46,000,000
|
| 10) 1275 K Street, NW | JBG Companies |
224,799
|
$43,400,000
|
|
This list does not include Resource
Properties' purchase of the loan on 529 14th Street, NW for approximately
$70-80 million.
|
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