New Office Condo Project in Washington’s CBD
WASHINGTON-(Business Wire)-September 25, 2009 - Detroit-based MayfieldGentry Realty Advisors is redeveloping 1522 K Street, NW in Washington’s Central Business District. The 11-story office building, originally delivered in 1964, will undergo a complete renovation and is offered for sale on a floor-by-floor basis as office condominiums. GGA Architects is leading the design effort and Akridge has been hired to provide sales and marketing services.
Delivering next summer, 1522 K Street will offer 91,000 square feet across 12 units. Renovations include an all-glass façade, new restrooms, stairs and elevator cabs and all new building systems. The property will also offer 46 covered parking spaces, shared conference facilities and a fitness facility. The project is targeting a LEED silver certification.
Ten of the units on floors 2-11 are approximately 8,500 square feet with two additional units of 2,500 square feet each on the first floor and lower level. Tax-exempt bond financing, which can reduce the cost of ownership, is available for many user groups.
“The option of owning office space can be particularly advantageous for the right users,” says MayfieldGentry Vice President, Karen Waldon. “We are pleased to offer this unique opportunity at this prime location.”
“We are honored to represent MayfieldGentry at 1522 K Street,” offers Akridge Vice President, Eugene J. Kenney. “Office condos, with the potential for tax-exempt financing, provide an exceptional office ownership option and 1522 provides that opportunity in the heart of Washington’s K Street corridor.” Mr. Kenney successfully sold office condominiums for the Akridge Office Fund at neighboring 1016 16th Street.
About MayfieldGentry Realty Advisors
MayfieldGentry Realty Advisors is a Securities and Exchange Commission (SEC) registered investment advisor that provides uncompromising, innovative and comprehensive real estate services and solutions to private and public sector clients. Offering investment advisory services and portfolio and asset management, MayfieldGentry’s approach is “hands on” and results oriented. The firm is committed to providing the highest level of professionalism, unprecedented excellence and quality services. This approach has resulted in the generation over $1 billion in assets under management since the firm’s inception in 2003. MayfieldGentry’s portfolio of institutional, quality, commercial properties includes office, light industrial, multi-family and retail space totaling almost 4.5 million square feet with a geographic reach that spans the nation. The firm is headquartered in Detroit, Michigan.
About Akridge
Akridge is a comprehensive real estate services company that provides acquisition, development, construction management, asset management, property management, leasing, condominium sales, and consulting services. For nine of the last ten years, Akridge has been ranked the number one real estate firm in the country, among firms of similar size, for Client satisfaction by the industry’s foremost benchmarking firm, CEL & Associates.
Since 1974, the company’s projects have encompassed over 12 million square feet of space in the greater Washington region. Akridge is honored by awards for sustainability from the following organizations: the Greater Washington Board of Trade, the Washington Business Journal, Bisnow on Business, the District of Columbia’s Department of the Environment, the Smart Business Network of Washington and the Environmental Protection Agency’s ENERGY STAR program. Akridge is the winner of the National Capital Business Ethics Award, given by the Society of Financial Service Professionals for ethical business conduct and is currently recognized as the ‘Best Place to Work’ in Greater Washington according to the Washington Business Journal. For more information, please visit www.akridge.com.
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