Commercial Real Estate Roundup

Work began earlier this week on Towers Crescent, a new 13-story office building in Tysons Corner that investors and developers are hoping will benefit from the eventual opening of a Metrorail station in the business hub.

"With the planned extension of Metrorail, Tysons Corner will continue its evolution towards a dynamic urban center," said Robert M. Gladstone, chairman of Quadrangle Development Corporation, which is developing the building, which is classified as first-tier corporate space, the kind that typically generates the highest rents. "Towers Crescent is an important project in this process."

AEW Capital Management and GM Asset Management are providing financing for the project. The office building will include more than 295,000 square feet of office space. A pedestrian bridge will connect the building, 8030 Towers Crescent Drive, directly to Tysons Corner Center. Construction is expected to be completed in 2009.

The building when completed, will include retailers, restaurants, a fitness center and a salon and spa, Quadrangle said.

*****

What do Google, the Albright Group and the law firm Dewey & LeBouf have in common?

They are all sharing space at a recently completed building at 1101 New York Ave. NW in the District. And champagne corks are popping at Jones Lang LaSalle, the brokerage firm leasing the building, as the property -- owned by Louis Dreyfus Property Group -- is now commanding the highest base rents in town, at $50 per square foot, the company said. Dewey & LeBouf recently signed a lease claiming the last remaining space in the building, which was completed in December 2006. JLL brokers working on the building were Amy Bowser, a vice president, and Trip Howell, regional managing director.

-- Alejandro Lazo

By Mike Shepard  |  November 30, 2007; 3:15 PM ET  | Category:  Real Estate
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