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NEWS - Press Releases

J Street Development today announced the signing of a purchase agreement with the American Bus Association for approximately 9,400 square feet, which includes the entire 9^th floor at 111 K Street, NE, in the “NoMa” (North of Massachusetts Avenue) area of downtown Washington, DC.  The American Bus Association will join the National Association of Student Personnel Administrations (NASPA), who closed on its purchase of the 10^th floor at 111 K Street earlier this month.  American Bus Association expects to close on their purchase in early August, 2010 and occupy their new space by the end of the year. 

“We are so pleased that the American Bus Association has chosen to purchase their office space at 111 K Street,” said J Street Development President, Bruce Baschuk. “Their move to NoMa underscores the appeal of this submarket, with its unique offering of Capitol Hill access, transportation choices, the intermodal connection of Union Station and lively urban amenity base.”

Mr. Baschuk also described the unique window of opportunity that exists today for purchasers of office space: record low interest rates, the availability of tax exempt financing for qualified non-profits, sharpened price points, and the added advantage of expense predictability. He pointed out that with less than10% down, a qualified non-profit can transact a deal today with costs fixed for 30 years.

“By moving so close to Capitol Hill, ABA will be better able to serve our members as their voice in front of elected officials on motorcoach, tourism and travel issues,” said ABA President & CEO Peter J. Pantuso. “And we’re moving to a green building offering sustainability features that exceed the requirements of LEED gold certification. Relocating to an eco-friendly building is in keeping with motorcoaches being the greenest form of transportation.”  

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 green rooftop terrace that also serves as an element of the storm water management plan, energy-efficient building system and locally-sourced and recycled building materials, 9-foot ceilings, shared conference facilities, underground garage parking, 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 Craig Lussi of Tenant Consulting, LLC for his representation of the American Bus Association and to Bruce Pascal, Mark Klug and Doug Mueller of CBRE for their representation of 111 K Street and J Street Development. 

About the American Bus Association

ABA represents approximately 1,000 motorcoach and tour companies in the United States and Canada. Its members operate charter, tour, regular route, airport express, special operations and contract services (commuter, school, transit). Another 2,800 member organizations represent the travel and tourism industry and suppliers of bus products and services who work in partnership with the North American motorcoach industry. ABA is also home to ABA Foundation, a nonprofit organization with an emphasis on scholarships, research, and continuing education. Learn more at http://www.buses.org. 

About J Street Development

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.

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