Real Estate Activity

Douglas Development Corporation (702 H Street), a major Downtown property owner and one of the city’s most active private developers, continues to purchase Downtown properties. The latest catch: the historic Moran Building (700 5th Street), for $4.7 million. The company bought the four-story, mixed-use building from Wingate & Ginsburgh, PC, also a building tenant occupying the second through fourth floors, last month.  Built in 1889, the Class B building is adjacent to the Verizon Center (601 F Street) and listed on the National Register of Historic Places. Douglas Development says it looks forward to capitalizing on strong interest from retailers interested in occupying space in the 8,411 square foot building now home to Burger King, whose lease expires in early 2014.

Bid farewell to 1338, 1340 and 1342 G Street. All will be razed. The long-vacant buildings once housed Clement’s Pastry Shop, Natural Nails and Bensonis Italian Kitchen, respectively, and are collectively valued at $8.2 million. They were to become a part of the 50,000 SF Armenian Genocide Museum planned for the historic and vacant National Bank of Washington building at 615 14th Street. But a messy and protracted litigation case has the $100 million museum project in limbo. Stay tuned.

Just a few blocks away, it’s hard to miss the scaffolding embracing The Pennsylvania Building (1275 Pennsylvania Avenue), now undergoing renovations. With Pfizer Inc. recently signed to a 10-year, 13,000 SF lease and other tenants coming, here’s what to expect: re-skinning of the lower three levels of the exterior stone façade, creating a new metal and glass office entry marquee; improvements to the garage; a new rooftop terrace overlooking Pennsylvania Avenue; and interior enhancements, including gutting and redesigning the office lobby and entry sequence, a complete overhaul of the elevator lobbies, and updated restrooms. The space occupied by CVS Pharmacy will be overhauled as well. The Willco Cos. owns the 13-story building.

Major renovations are also underway at 600 13th Street, where Ann Taylor is located and the Financial Services Roundtable will move in next year to occupy 22,198 SF. After the makeover, the 240,000 SF Trophy office building will have an updated entrance and main lobby, elevator cabs, restrooms, rooftop terrace and a new fitness center. The renovations are expected to be completed in November.