August 15, 2014
Groundbreaking at 600 Massachusetts Ave | DowntownDC
Gould Property Company and Oxford Properties Group broke ground July 19 on an office building at 600 Massachusetts Avenue NW, one of DowntownDC’s last remaining redevelopment sites.
The new development totals 400,000 square feet (SF) and is expected to be completed in 2016. While there was no announced pre-leasing, it is rumored that Venable LLP law firm signed a letter of intent for approximately 200,000 SF in the new building. The building will be 10 stories and includes 20,000 SF of ground floor retail. The project also plans to achieve LEED Platinum certification, the highest rating from the U.S. Green Building Council for environmental design.
The owner and developer of the project is a joint venture of Gould Property Company and Oxford Properties Group, the real estate investment subsidiary of OMERS, a Canadian pension fund. The architect for the 600 Massachusetts Ave project is CORE.
The groundbreaking at 600 Massachusetts Avenue exhibits the Gould/Oxford team’s confidence in the long-range success of the DowntownDC office market.
Gould Property Company also developed Market Square North at 401 9th Street NW and the two Lexington apartment buildings on 8th Street NW between D and E streets.
Oxford Properties Group is also Gould Property Company’s partner on the proposed 600,000 SF office building at 900 New York Avenue NW, the last development site at the old convention center site. Also in DowntownDC, Oxford Properties Group recently purchased Gallery Place retail space from Akridge and Western Development Corporation.
Gould Property Owner and Vice President Kingdon Gould III is a board member and executive committee member of the DowntownDC BID. He previously served as chairman of the DowntownDC BID and president of the Penn Quarter Neighborhood Association.
The original story can be found on DowntownDC’s website.