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Ground leasehold interest in the to-be built improvements of Square 487 for sale, strategically located in the heart of Washington, D.C.’s retail and entertainment hub. The Washington Metropolitan Area Transit Authority currently occupies the Jackson Graham Building as its headquarters, a 381,894 gross sq. ft. office building that is an entire city block within Square 487. They intend to remain in occupancy until December 31, 2022. Ultimately, this 1.12-acre matter-of-right development offers a rare opportunity for office, luxury residential, hotel, or mixed-use development. Easily accessible to D.C.’s Metro transit system, including three Metro rail lines, two Metro stations within one block and a “one-line” ride to Union Station and Reagan National Airport. Adjacent to Capital One Arena, the 20,000-seat home to the Washington Capitals, Wizards, Valor and Georgetown Basketball, within walking distance to National Portrait Gallery, National Gallery of Art, Sculpture Garden, National Museum of Natural History, and National Archives), the National Building Museum, the Sidney Harman Shakespeare Theater, and Woolly Mammoth Theatre. This area has achieved some of the highest retail rends in Washington D.C. and is a sought-after multifamily location with a strong desire for East End apartments, as evidenced by the rapid leasing velocity at the two most recent multifamily developments in Square 487’s submarket of Gallery Place.
- Ground lease interest in to-be-built improvements
- WMTA intends to enter a long-term unsubordinated ground lease with an investor or developer
- Recent zoning appeals of Northwest D.C. sites place a premium value on entitled sites, such as Square 487