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NEWS - Press Releases
05/04/2010 - NASPA Closes Deal at 111 K Street, NEJ Street Development today announced the closing by NASPA – Student Affairs Administrators in Higher Education on its purchase of the 10th floor (approximately 9,400 square feet) at 111 K Street, NE, in the “NoMa” (North of Massachusetts Avenue) area of downtown Washington, DC.
“It has been a pleasure to work with NASPA on the purchase of their office condominium space at 111 K Street,” said J Street Development President, Bruce Baschuk. “NASPA and its employees are coming to NoMa just as this submarket truly comes to life.” In recent months, NoMa has seen the signing of the Community College of the District of Columbia, an expansion of the GSA’s lease at Constitution Square, the opening of an array of retail shops and restaurants and recognized the remarkable achievement of over 1 million square feet leased in the NoMa submarket in 2009.
“NASPA and its employees couldn’t be more excited about our move to 111 K Street,” said Gwendolyn Jordan Dungy, Executive Director of NASPA. “After more than 20 years near Dupont Circle, this move allows us to take ownership of our own space. Our priorities were to find a building that offered us ownership, sustainable and green features and a vibrant, walkable work environment near public transportation. We know that 111 K Street more than fulfills these goals.”
111 K Street is an 11-story, approximately 90,000 square foot, Class A office condominium just north of Capitol Hill in the NoMa submarket of downtown Washington, DC. The contemporary, all-glass Gensler-designed structure features significant “green” elements, including a striking rooftop terrace that also serves as an element of the storm water management plan, an energy-efficient building system and locally-sourced and recycled building materials, 9-foot ceilings, shared conference facilities, underground garage parking, a landscaped roof terrace and views to the U.S. Capitol. 111 K offers one of the rare opportunities for Class A condominium ownership in Washington.
J Street Development extends its appreciation to Bill Meyer of The Meyer Group, Ltd. for his representation of NASPA and to Bruce Pascal, Mark Klug and Doug Mueller of CBRE for their representation of 111 K Street and J Street Development.
Construction financing for 111 K Street was provided by Brian Gormley of TD Bank and bond financing for NASPA's unit was provided by Chris Arabia of TD Bank.
About NASPA
NASPA - Student Affairs Administrators in Higher Education is the leading voice for student affairs administration, policy, and practice, and affirms the commitment of the student affairs profession to educating the whole student and integrating student life and learning. With more than 11,000 members at 1,400 campuses, and representing 29 countries, NASPA is the foremost professional association for student affairs administrators, faculty, and graduate and undergraduate students. NASPA members are committed to serving college students by embracing the core values of diversity, learning, integrity, collaboration, access, service, fellowship, and the spirit of inquiry. For more information, please visit our website at www.naspa.org..
About The J Street Companies
The J Street Companies, through affiliated companies Woodmark, J Street Development and Randall Hagner, offer a complete array of real estate services including commercial sales and leasing, residential sales, property management, development and project/construction management. The J Street Companies and its affiliates have over 1 million square feet of commercial office space in development, manage more than 5 million square feet of commercial and multi-family property, and its experienced team has managed over 8 million square feet of construction/development work. Over the last 10 years, the company has accomplished more than 500 transactions with an aggregate value of more than $1 billion. For more information, please visit www.jstreetcompanies.com.Karen Widmayer
kwidmayer@jstreetcompanies.com
202-857-4370