In 2006, J Street represented Thalia LLC, a local developer/investor, in the purchase of 7,000 square feet of land located mid-block on the north side of L Street between 13th and 14th streets, NW. The architecture firm, Hickok Cole, was brought in to design a 50,000 square foot office building that would appeal to office tenants searching for a headquarters location.
With J Street’s assistance, ownership was able to secure a demolition
permit and raze the three buildings that had been on the site for a
number of years, including the well known Stoney’s Restaurant.
Simultaneously, we identified a seller of Combined Lot Development (CLD)
rights where the owner could purchase additional density and construct a
larger office building on the site than the current zoning allowed. The
main challenge of this project was the small footprint of the site and
how an office building with underground parking could be designed and
built with such physical limitations.
The entire project team consisting of J Street, Hickock Cole, Donohoe
Construction and Thalia worked very closely in creating a modern glass
office building situated between two existing larger office buildings.
The main elevator lobby would feature a wall of cascading water and all
office floors would enjoy minimal columns and a low core factor,
allowing for flexible space planning.
The finished design product was marketed for sale or lease to
prospective tenants and investors. By the fall of 2008, entering into
arguably the worst economic climate in decades, New York University
emerged as a leading contender to purchase the site. NYU closed on the
property by the end of 2008 and ended up actually changing the original
design. Their main building, consisting of 75,000 square feet of seminar
rooms, offices, and a 200 seat auditorium below six floors of dorms and
apartments, will be finished by summer 2012. With the sale, the
ownership realized a gain of almost $5 million dollars.