Union Station. Picture courtesy of Cushman & Wakefield
Rexmark has retained Cushman & Wakefield because the unique leasing agent for the workplace house at Washington, D.C.’s historic Union Station. The 607,735-square-foot workplace and retail asset is at 50 Massachusetts Ave. NE.
Cushman & Wakefield’s Mark Wooters, Michael Katcher and John Skolnik would be the leasing brokers for the property’s 130,000 sq. toes of obtainable workplace house on behalf of landlord Rexmark.
In a press release, Wooters highlighted the property’s handy entry to seven modes of transportation and the 43 million guests it attracts yearly.
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The station opened in 1908 and options 20-foot ceilings, ample pure gentle and balconies with views of the U.S. Capitol. It’s 100% Inexperienced-e Power licensed for wind energy, holds a Certificates of Environmental Stewardship and is an EPA Inexperienced Energy Chief.
At the moment, its retail areas are house to quite a few national-brand retailers and consuming choices, together with Walgreens, Chick-Fil-A, Warby Parker and Shake Shack.
Just lately the property has been the topic of a three-way dispute over its management. In line with revealed studies, the events are Ashkenazy Acquisition Corp., which in 2007 paid $160 million for an 84-year lease; Rexmark, which had prolonged mezzanine financing as U.S. agent for Korea’s Kookmin Financial institution; and Amtrak, which operates quite a few trains by means of the station. Amtrak had its headquarters there for a few years and filed an eminent area declare to take management of the station in April 2022.
Gradual occasions
The Washington, D.C., workplace market is contending with unfavourable web year-over-year absorption, pallid curiosity in lots of buildings available on the market and an total 19.5 p.c emptiness, in line with a fourth-quarter report from Cushman & Wakefield.
The Capitol Hill/NoMa submarket has a mean emptiness of 12.8 p.c on a listing of 15.2 million sq. toes. No workplace house is at present beneath building within the submarket, Cushman & Wakefield studies.
This previous November, Rexmark was a part of a consortium of buyers that offered financing for Extell Improvement’s 1520 First Ave. undertaking, a $425 million 420,000-square-foot medical workplace constructing on Manhattan’s Higher East Facet.
