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Near Southeast DC Past News Items: officespace
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32 Blog Posts Since 2003
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Two pieces from today's Washington Business Journal, both for subscribers only, tell of difficulties for two of Near Southeast's developers:
* Opus East, which birthed 100 M and the under construction 1015 Half, is "teetering on the verge of bankruptcy" because the "U.S. General Services Administration has refused to pay the developer for 'even one penny' of the more than $35 million the company has invested in erecting a new federal building in College Park." Its parent company, Opus Corp., is exploring bankruptcy or restructuring for Opus East and Opus West--two other Opus companies went into Chapter 11 this spring. The article also says that Opus East's deal with MayfieldGentry Realty Advisors of Detroit to buy 100 M fell through in May; but 1015 Half is, for now, "continuing in full swing."
* And Monument Realty is having trouble, though not on Half Street--"At the end of May, at least three contractors filed suit in D.C. Superior Court to enforce more than $1.3 million in mechanic's liens the contractors filed against the last of three condominium buildings Monument is building at Potomac Place Tower near the Southwest waterfront. [...] At least one of the contractors is asking the court for a forced sale, if necessary, to collect amounts due."
 

From today's print edition of the Washington Business Journal (subscribers only), news that two as-yet-unoccupied office buildings in Near Southeast may be close to securing tenants. WBJ says that Monument Realty is "in discussions" with Booz Allen Hamilton to lease more than 30,000 square feet of space at 55 M (currently home to Artomatic), though Booz is apparently also looking at Lerner's 20 M across the street and the under-construction 1015 Half a block to the north.
The article also says that an "undisclosed federal agency is on the cusp of announcing" a 100,000-sq-ft lease at 20 M. I have heard murmurings of some outfit moving to 20 M--if someone wants to whisper in my ear who it is, I'm listening!
 

I was remiss in not mentioning earlier this week that I also posted updated photos on Saturday of the construction underway at 1015 Half Street (you old-timers can enjoy the shots of Nation one more time) as well as the all-but-completed 55 M Street (though the utilty work on Half Street prevented me from getting any photos other than of the northern part of the building).
For additional photos other than the ones on the project pages, check the Photo Archive for Half and I, K, L, and M, Van at M, and Cushing at L and M (which will also show you updated pics for other nearby projects, like Velocity).
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More posts: 1015 Half, Development News, officespace, square 697
 

GlobeSt.com has a brief on 1015 Half Street, the 400,000-square-foot office building by Opus East on the site of the old Nation nightclub along Half, K, and L streets. Excavation started last month, and they're looking at a spring 2010 completion date. It will be certified LEED silver at a minimum, and possibly even reach gold status. It's being built on spec, with no tenants signed yet. There's the possibility for ground-floor retail (the zoning for the site doesn't require it), and there will be three floors of underground parking, which I imagine will be available for Nats parking. You can see my 1015 Half page for photos of the site, though I haven't updated them since digging started. (Hope to get a new batch soon.)
Opus is also the developer of 100 M, which is scheduled to deliver this fall. And the GlobeSt article says that Opus is looking around Capitol Riverfront for other opportunities....
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More posts: 1015 Half, Development News, officespace, square 697
 

(Yay! More non-ballpark news!) Word has arrived that work has officially begun at 1015 Half Street, the new 410,000-sq-ft office building by Opus East on the site of the old Nation nightclub. (I think that's where the pile-driving echoing across the neighborhhod today is emanating from.) Delivery is expected by early 2010.
 

Just drove by and saw that the little garage on the 1015 Half Street site now is gone, making it the first entry in the Demolished Buildings gallery for 2008, and the 143rd building that I've seen come down in Near Southeast since January 2003. This site--formerly home to Nation, itself demolished in May of 2007--is expected to see the start of excavation on Opus's planned 410,000-sq-ft office building Any Minute Now.
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More posts: 1015 Half, Development News, officespace, Square 697n
 

According to this sign posted on Friday on the old DC Foreign Car garage on K Street between South Capitol and L, an asbestos cleanup project will be getting underway at the building starting Monday (Nov. 26), lasting through Dec. 7. This is on the 1015 Half Street site (better known to most as the site of the old Nation nightclub), where construction is supposed to start on a 410,000-square-foot office building as soon as they get their permits from the city.
More posts: 1015 Half, Development News, officespace, square 697
 

Nov 16, 2007 6:18 PM
Today's print edition of the Washington Business Journal reports that National Public Radio is looking for 400,000 square feet of office space for a new headquarters to replace their current location on Massachusetts Avenue. In addition to sites in NoMa and Silver Spring, the article lists possible Near Southeast locations 1015 Half Street, 1100 South Capitol, and.... 225 Virginia Avenue? The site for which the city signed a long-term lease last year when it planned to move the the Metropolitan Police Department there, before that plan fell apart in late summer? Is this just a mistake by the reporter, or is this a hint at bigger news afoot about the future of the old Post Plant?
Maybe those Capitol views are particularly enticing to the media--two months ago the WBJ reported that CNN is also looking at 1015 Half, 1100 South Capitol, and Lerner Enterprises' proposed building at 1000 South Capitol. (The lower prices on commercial real estate in this part of town probably don't hurt, either.)
 

Sep 14, 2007 9:09 AM
Today's print edition of the Washington Business Journal (online for subscribers only) reports that CNN, wanting 80,000-100,000 sq ft of space to upgrade its studios, is looking at three in-development office buildings in Near Southeast: Opus East's 440,000-sq-ft 1015 Half Street, at the old Nation site, which is scheduled to begin construction in October; Lerner's 320,000-sq-ft 1000 South Capitol right next door, which has no announced start date; and Ruben Companies' 350,000-sq-ft 1100 South Capitol, one block to the south. "Sources familiar with the search say the sites were picked for their views of the Capitol, access to transportation and the opportunity to build a structure designed to fit CNN's needs instead of retrofitting an existing building." It should be noted that WBJ also wrote back in late March that CNN (and other companies) were looking at Near Southeast.
 

Two more pieces about Opus East's purchase last week of the Nation site at 1015 Half Street; the Washington Business Journal today has a pretty straightforward brief, while yesterday's Washington Times has a longer piece that also discusses the Near Southeast commercial real estate market. (But there's one small quibble with the second sentence of this piece: "Although office buildings are nothing new for Opus East, building one on speculation in Southeast is unusual" is kinda sorta forgetting about Opus's 100 M Street project a mere two blocks away.)
Of course, when you read these (and the others), don't forget who first brought you the news about the sale, back on Monday.
More posts: 100 M, 1015 Half, Development News, officespace, Square 743N, square 697
 
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