It’s not a movie set, but the 200,000 square foot office building at 1701 Pennsylvania Avenue offers enough breathtaking views of the White House to turn a movie director green with envy. Grosvenor Americas, which owns the 12-story structure, recently completed a whole building HVAC renovation.
Cushman & Wakefield’s Mark Richardson and Jackie Raff have signed three leases for the vacant space, totaling 29,300 SF: Occidental Petroleum, FoxKiser, and JAB Holdings. JAB Holdings is the parent company of such iconic luxury brands as Jimmy Choo and Bally, as well as Peet’s Coffee. Peet’s new Washington “flagship” store is located on the ground floor of 1701 Pennsylvania Avenue. Potbelly Subs also occupies street-level space in the building.
Grosvenor Americas, whose East Coast office is on the building’s tenth floor, has owned the structure since 1986. Since then they have spent $16.7 million in architectural modernization and building systems renovations, the most recent of which was the HVAC upgrade completed 3 weeks ago. Last year, the building earned LEED-EB Gold certification, in keeping with Grosvenor’s worldwide commitment to environmental responsibility.
“The new work includes a $7.5 million HVAC modernization that replaced the building’s existing perimeter heat pumps with a fully automated, quieter, and more energy-efficient VAV-based system”, explained D. J. Sworobuk, Vice President, Portfolio Management. The company also is redesigning and upgrading the building’s fitness center and the tenant waiting lounge for its secure underground valet parking garage.
Richardson points out that 1701 Pennsylvania Avenue offers not only prestige but also a convenient location within the city’s central business district, just two blocks from the Farragut West Metro station serving Metro’s Orange, Blue, and Silver lines, and only three blocks from the Farragut North station serving the Red Line. Also nearby are major roadways, government buildings, historic landmarks, and world-class amenities. Modern suites ranging from 4,000 to 74,000 SF are available. For leasing information, visit www.1701pennsylvania.com or contact Mark Richardson at Mark.Richardson@cushwake.com.
Grosvenor’s North America portfolio includes rental apartments, office, retail, medical office, and hotel space in the Washington, DC metropolitan area. Grosvenor is renowned worldwide for its award-winning commercial, residential, and mixed-use developments in such thriving cities as London, Tokyo, Hong Kong, San Francisco, Calgary, and Vancouver.
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities. Today we have 17 offices in 11 countries and assets in 16 countries. We have regional investment & development businesses in Britain & Ireland, the Americas and Asia Pacific. Our international fund management business operates across all these markets and also Continental Europe. We also have indirect investments, managed centrally. As of December 31, 2013, the Group had total assets under management of $19.9 billion. Unusually for a private company, Grosvenor publishes a detailed reporting suite - Annual Review, Financial Statements, Environment Data and index of sustainability reporting under the GRI initiative - available at: www.grosvenor.com.
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the US through focused, strategic expansion. We use our knowledge of the cities we work in and our property skills to develop projects that contribute to the vibrancy of those communities. As of December 31, 2013, Grosvenor Americas had assets under management of $2.4 billion.