Two Retail Leases Signed for 1990 K St.

WASHINGTON, DC-Retail space in the downtown office building at 1990 K St. has remained popular, as evidenced by two chain outlets' recent signing of leases for a total of just over 20,000 sf. Baja Fresh and the Washington Sports Club expect to open their newest destinations by years' end in a 3,100-sf space and a 16,940-sf space, respectively. Average office space rents in Washington, DC go for $22.04 per-sf, according to Marcus & Millichap's 2003 annual report.

Located in a corner spot in the well-traveled K Street Corridor, 1990 K St. offers 269,000 sf of office and ground-level retail space. Owner the Bernstein Cos. is currently in the process of upgrading the building to class B+ status via a $2 million investment. "K Street is still a very strong retail market," Madison Retail Group principal Eric Rubin says. Madison represented the building owner in the two transactions. "Both tenants have a strong presence in the regional market and are continuing to expand in downtown DC." The two outlets will undoubtedly be able to tap into its ready-made market--the slew of government employees who occupy most of the building's office space.

Source: GlobeSt
Author: Barbra Murray