Savills Studley, the leading global commercial real estate firm, is pleased to announce that its client the D.C. Bar, has entered into an agreement to purchase land, with plans to develop a new headquarters building located at 901 4th St, NW, as part of the Mount Vernon Place development by Quadrangle and Wilkes.
The building will be composed of approximately 100,000 square feet and is to be located in the Mount Vernon Triangle - one of DC’s fastest growing live-work-play neighborhoods. Easy access to public transportation including several downtown Metrorail stations, bus routes and Capital Bikeshare as well as an array of restaurant and shopping options add to the attractiveness of the location. The Bar will be joining a growing list of companies moving into and around the Mount Vernon Triangle area including The Advisory Board Company, Venable LLP, Arnold & Porter LLP and the Association of American Medical Colleges (AAMC), ensuring further economic growth of the neighborhood.
“We are thrilled that we were able to identify and secure a viable corner location that meets the needs of the organization while garnering significant cost savings well into the future,” said Senior Managing Director Nicole Miller of Savills Studley.
Savills Studley and the D.C. Bar went through an extensive search of the market coupled with a comprehensive analysis of an owning versus leasing scenario, in order to come to this decision. By acquiring its own asset, the D.C. Bar will experience substantial savings as compared to leasing. Due to favorable market conditions they will also be able to capitalize on low interest rates and will have the ability to control and stabilize the cost of occupancy for the long-term. The Bar intends to fit more capabilities and member service space in materially the same footprint as its previous location.
“We are simply delighted to be making this announcement,” said Katherine Mazzaferri, chief executive officer of the D.C. Bar. “The new building will enhance our capabilities to serve the members who visit our headquarters office more than 25,000 times annually as well as the approximately 40,000 members living outside of the DC metro area.”
“The single greatest benefit of this purchase is the projected savings versus renting,” commented Tim Webster, President of the D.C. Bar Board of Governors. “Controlling costs without sacrificing quality or cutting services is always challenging. This decision not only provides the Bar a permanent home, it gives us some room for future expansion.”
“Continuing to lease, the purchase of an existing building and the development of a new building were all considered,” noted Victor Velazquez, chief operating officer of the D.C. Bar. “The Board, with the help of independent experts, thoroughly evaluated all options. At the end of the day, constructing our new headquarters made the most sense.”
Savills Studley’s Senior Managing Director Nicole Miller, Executive Vice President Rick Rome, Senior Managing Director Demetri Koutrouvelis and Senior Managing Director of Project Management Services Jay Bothwell, represented the D.C. Bar throughout the transaction.
Philip Meany, Jr., Sharon Oliver & Martin Griffin of Meany & Oliver Companies Inc. represented the Seller. The Seller is Mt. Vernon Place, LLC, Mount Vernon Development Group and Mount Vernon Place. Principals involved are Charles C. (Sandy) Wilkes of the Wilkes Company and Christopher (Chris) Gladstone of Quadrangle Development Corporation.
The building is scheduled for completion in late 2017/early 2018.