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Found 2 blog entries tagged as "CityCenterDC".

Foreign Investors own a great deal of commercial real estate in the District of Columbia. They are funding major development projects and purchasing existing office buildings. Some of the investments are government funds from countries like Norway and Qatar, while others are from private investment groups in Korea, China, Germany, and Saudi Arabia. These foreign investors are all looking for a stable investment with predictable returns over a long period of time.

The head of Jones Lang LaSalle’s International Capital Group for the Americas, Stephen Collins, says that foreign investors want stability. “But they’re also looking for a market dynamic that has an ability not to produce more assets for lease or for sale. So Washington DC has a very finite…

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The CityCenterDC complex will be on the site of the former Washington Convention Center, which was torn down in 2004.  The 10-acre development near Chinatown is bordered by 11th Street NW to the west, H Street NW to the south, 9th Street NW to the east, and New Youk Avenue NW to the north.  The first phase of CityCenterDC will consist of six new buildings and a public plaza.  

CityCenterDC has been in the works since 2003, but plans were delayed after the financial collapse, and construction did not start until 2011. The first six buildings will house 515,000 square feet of office space, 458 apartments, 216 condominiums, 295,000 square feet of retail/restaurants, 1,570 underground parking spaces.  In a later phase, two more buildings will be added -- a…

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