Former Atlantic Building to Become Part of New Office Complex

WASHINGTON, DC-What remains of the Atlantic Building at 930 F Street--once the largest commercial structure in the District--has been sold to area developer Douglas Jemal of Douglas Development Corp. for a rumored $10.5 million. The site, which is home to only the façade of the building that was built in 1888, was most recently assessed at a value of a little more than $3 million.

Jemal refused to comment on the purchase price "until it is public record." The deal took place in mid-February and is expected to close later in March. "I felt it was a fair deal," says Jemal. He plans to combine the space with three adjacent properties in his significant Washington portfolio to create a sprawling office complex with retail space.

Jemal acquired the property from the District's The Bernstein Cos. and The Clover Cos. of McLean, VA. The two firms owned the property since 1997 and had planned to erect an office building on the space, but those plans were not completed after demolishing the building and leaving its historic façade in 2000. With Jemal's proposed building and other projects currently being developed in the F Street vicinity, city officials are expecting a more active atmosphere to develop in this area near the MCI Center. 

Source: GlobeSt
Author: Barbra Murray