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04/11/2008
| NAR To Build Its Own Headquarters in Washington WASHINGTON – Realtors® are heading to Capitol Hill in more ways than one. In town to lobby Congress on a number on real estate issues, Realtors® voted May 18, 2002, to build a new building (view images) three blocks from the U.S. Capitol to house the Washington, D.C., operations of the Chicago-based association. The Board of Directors of the NATIONAL ASSOCIATION OF REALTORS® approved $15 million for a downpayment on the new building to be located at 500 New Jersey Avenue, NW. Total cost of the project, including land acquisition and construction, will not exceed $45 million. Design 'Will Raise Bar' "The new NAR building will raise the bar for the immediate neighborhood in terms of design. The design concept is dramatic and modern, yet appropriate for the location, and incorporates state-of-the-art environmental features. It also makes a statement about NAR's commitment to participate actively in federal policy-making," said Martin Edwards Jr., NAR president. When fully rented, the building will save NAR over $500,000 a year and is an excellent investment. By owning its own building, NAR will eventually incur no occupancy costs and generate additional revenues from rents when the building is fully leased. Edwards noted that in addition to the cost savings, the building will be an excellent real estate investment due to its location within three blocks of the U.S. Capitol. "It will certainly appreciate over time," said Edwards, a partner in Colliers Wilkinson & Snowden Inc., Memphis, Tenn. Groundbreaking on the Class "A" 12-story modern, environmentally friendly building could begin as early as this fall, pending approval by the District of Columbia Board of Zoning and Adjustment. If all goes well, it will be completed by the fall of 2004, NAR said. NAR's Real Property Operations Committee, composed of NAR commercial real estate members, spent 18 months reviewing options for space requirements that included leasing, buying, or building. NAR's current lease at 700 Eleventh Street, NW, expires in five years. The new building will be approximately 93,000 net rentable square feet. NAR staff will occupy the top four floors, using about 33,000 square feet, with the balance of the floor space leased. Building Environmentally Responsible "When it's completed, it will be one of the most environmentally 'green' commercial structures in the nation. These features include a photovoltaic solar array on the roof, a double curtain wall for thermal heat dissipation, and a recyclable water system," Edwards said. Design concepts were developed by world-class architectural firms Graham Gund Architects of Cambridge, Mass.; Clark Redfield Architects of Charlottesville, Va.; and Bing Thom Architects of Vancouver, Canada. NAR conducted a competition to select the final design concept, NAR said. A distinguished panel of jurists on the selection team included George White, FAIA, former Architect of the Capitol; Harry Robinson III, FAIA, former dean of architecture at Howard University and chairman of the D.C. Commission of Fine Arts; Colden "Coke" Florance, FAIA, a prominent D.C. architect; Jim Helsel, chairman of NAR's Real Property Operations Committee; Dale Colby, vice chairman of RPOC; Richard Rosenthal, chairman of the RPOC DC building subcommittee; Al Mansell, NAR first vice president nominee; and Steven Leader, past president of The Counselors of Real Estate. The developer for the project is CarrAmerica of Washington, D.C. The seller is Washington-area developer Lawrence N. Brandt Inc. Rooms With A View "The building will make a dramatic statement about NAR's commitment to participatory government. The top four floors of the building will have a breathtaking view of the Capitol building. All of the upper floors will have a marvelous view of the city," Edwards said. A rooftop facility of about 3,000 square feet can be used for receptions. The building also will have 72 underground parking spaces. At the Board of Directors' meeting today, $15 million was approved for the downpayment on the deal. The $15 million comes from a special reserve fund established five years ago when NAR sold its property on Fourteenth Street, NW. At this time, no decision has been made regarding how NAR will finance the balance of $30 million that the project will cost. The association has several options, and recommendations will be presented to the NAR Board of Directors when it meets in New Orleans in November. Learn more from a Q&A about the new building. |
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