Tuesday, January 19, 2016

Massive Complex Coming to 7th and New York Ave NW

New York Ave NW, at 7th Street.
A massive office and retail complex is coming to the corner of 7th Street and New York Ave NW. This corner is just north of Penn Quarter and across the street from the Walter Washington Convention Center. The new development, titled 655 New York Ave, will be constructed on parcels currently comprised of 2-3 story buildings (some with current tenants, others empty), The properties will be converted into a 756,000 sq foot complex with the Advisory Board Company signed as the main tenant. 
  • The development will consume about 4/5 of the entire block.
  • New tenants will likely begin moving in during 2018.
  • Current breakdown: 678,000 sq ft of office space and 79,000 sq ft of retail.
  • Main tenant Advisory Board Company was granted a 10 year tax abatement worth up to $60,000,000 ostensibly to keep the company's HQ in DC (PDF).
  • Developers moved an existing building down the street, on rails, to make room for new construction. (Video)  
Read more: Advisory Board officially signs lease for new headquarters | Washington Business Journal
Read more: 655 New York Ave | Douglas Development
Read more: Project Fact Sheet “Local Jobs and Tax Incentive of Act 2015” | Office of the Deputy Mayor for Planning and Economic Development
Rendering of complete 655 New York Ave project. 7th St NW is to the left and New York Ave is at the bottom. Image courtesy of Douglas Development.