– Developers and Metro announce completion of joint development and construction agreements to pave way for dynamic redevelopment
WASHINGTON D.C. – Dec. 11, 2020 – A joint venture of Rockefeller Group and Stonebridge announced today the completion of several agreements with Metro that pave the way to begin the planned redevelopment of Metro’s Downtown DC headquarters site, the Jackson Graham Building, in the heart of the District’s Penn Quarter commercial and entertainment area.
The partnership, whose selection and approval by the Metro Board of Directors was first announced in February 2020, envisions a major redevelopment of the existing structure, delivering modern office space to meet today’s requirements as well as ground-floor retail and amenity space.
The office building, located at 600 5th Street NW, is located in one of the most vibrant areas downtown, between the Capital One Arena and the National Building Museum. Under terms of the agreement, the site will remain owned by Metro and controlled by Stonebridge and Rockefeller Group under a 99-year ground lease. The project is set to begin in early 2023, with completion in 2025.
“Over the short term the agreement affords Metro the opportunity to occupy the building through 2022, while implementing our office space consolidation plan and headquarters relocation,” said Nina Albert, Metro Vice President, Real Estate. “Longer term this allows Metro to generate sustained revenue from the site to support transit operations and contribute to the agency’s financial stability.”
“We couldn’t be more pleased to move this opportunity forward,” said Douglas M. Firstenberg, a Principal of Stonebridge. “The potential of the site is extraordinary and we are eager to reimagine the space for the future. The enduring strength and accessibility of the location are truly unique.”
“This milestone is the culmination of many months of work, planning and negotiations to produce a project that will reenergize the neighborhood and boost the vitality of our city for decades to come,” said Hilary Allard Goldfarb, senior vice president and head of development for Rockefeller Group in the Mid-Atlantic region. “Our collective commitment to the development of downtown office space today is also a testament to our confidence in the long-term resilience of Washington, D.C.”
The Jackson Graham Building is located within a one-block walk of the Gallery Place and Judiciary Square Metrorail stations, providing convenient access to the Red, Green and Yellow lines. The building, has served as Metro’s Headquarters since 1974 and has never undergone a major renovation. The redevelopment will allow for the property to be modernized in step with the needs of today’s most discerning tenants, while re-envisioning its potential to best serve the surrounding community long-term.
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About Stonebridge
Stonebridge is a privately held real estate development and investment firm focused on creating exceptional places in the Greater Washington area. The company’s portfolio includes several of the region’s most successful mixed-use projects including Constitution Square, 200 Eye Street, SE and Flats at Bethesda Avenue and The Darcy. During the past twenty years, the principals of Stonebridge have been involved in the acquisition, development, joint venture, financing and disposition of real estate assets in the Washington area exceeding $6.0 billion in value. Visit: Stonebridge.us.com
