Officials signed a 75-year contract to lease out the lot on 2100 Pennsylvania Ave. NW to the subsidiary of a development company for $194.4 million.
Boston Properties, a real estate investment trust company and parent of the subsidiary, will use the development site at 2100 Penn to build a multi-story glass office complex slated to be opened in three years, Washington Business Journal reported Monday. Executive Vice President and Chief Financial Officer Mark Diaz signed the deal, which lasts until November 30, 2094, on July 16, according to documents filed with the D.C. Recorder of Deeds.
Officials chose Boston Properties to develop 2100 Pennsylvania Ave. NW and Rice Hall at 2121 I St. NW in December 2016. The two buildings are scheduled to be demolished in October and redesigned into commercial spaces in a process that will cost about $360 million, according to a quarterly earnings report.
The law firm Wilmer Cutler Pickering Hale LLP has agreed to lease 288,000 square feet in the 469,000-square-foot development.
GW and Boston Properties previously collaborated to open a mixed-use development project in 2011 at 2200 Pennsylvania Ave. NW that includes the Residences on the Ave, Whole Foods and restaurants.