Washington, D.C., July 2, 2010 –The General Services Administration has signed another lease in NoMa, bringing the U.S. Customs & Border Protection Agency into 85,000 SF at Sentinel Square I at 90 K Street, NE.
Customs & Border Protection will take most of four floors – or 21 percent – of the 413,000 SF building, and move into the space in first quarter 2011; this is the first lease at Sentinel Square. Trammell Crow Company developed the 12-story building, which delivered in April 2010.
With this latest announcement, the NoMa submarket has experienced more than 600,000 SF of leasing activity in 2010. This is on pace with NoMa’s leasing performance in the last two years, averaging 1 million SF absorbed each year.
June was a busy month for the NoMa neighborhood: • Two Constitution Square sells for $305 million, or $518 per SF, an all-time high for the neighborhood. • The American Bus Association purchases 9,400 SF at 111 K Street, NE. • The Loree Grand at Union Place began leasing 212 apartments June 1; the first tenant moved in June 30. • Flats 130 at Constitution Square began pre-leasing its 440 apartments; leasing begins in August. • The District Department of Health signed a 150,000 SF lease at Union Square, owned by CIM Group and managed by Akridge. • 7-11 leased 3,500 SF at the Courtyard by Marriott. • Attendance at NoMa Summer Screen, the BID’s weekly free film festival, hit a new record of 365 residents and film-lovers.
“Together, these successes demonstrate NoMa’s continued stability and growth in the market,” said NoMa Business Improvement District President Liz Price. “We look forward to new retail leases and hundreds of new residents as the summer continues.”
Sentinel Square is owned by Sentinel Square I, LLC, a joint venture including affiliates of Trammell Crow Company, Crow Holdings and Cottonwood Partners. Kevin Terry and Marcia Parkes of GSA, and Henry Chapman and Donna Gravely of CBRE represented the tenant in the transaction; Tom Finan of Trammell Crow Company represented the landlord.
NoMa is a mixed-use neighborhood north of Massachusetts Avenue and the U.S. Capitol in Washington, D.C. Between 2007-2009, private developers have invested more than $1.5 billion in the 35-block area covered by the NoMa BID, and have plans to develop more than 20 million square feet of office, residential, hotel, and retail space over the next 15 years. More than 5,000 new employees and residents will move into NoMa in 2010. For more information about the BID, including an interactive development map, visit the BID Web site at nomabid.wpengine.com.