D.C.'s Office Market Has Lifted The Values

NNN Lease Market

The strength of Washington, D.C.'s office market, which has lifted the values of some properties to boom-era levels, also has helped busted developments in the nation's capital.
Take the case of two Washington projects by Opus East LLC, a large mid-Atlantic merchant builder that filed for bankruptcy liquidation, along with two other sister companies, in July 2009. Those filings jammed the brakes on about 150 projects valued at more than $1.5 billion across the country. So far, only about a third of those projects have been restarted, sold or completed, according to Dennis Ryan, an attorney for Opus Corp., the parent company.
Among the survivors: the new headquarters of the National Oceanic and Atmospheric Administration and a 400,000-square-foot speculative office building near the new Washington Nationals baseball park. In recent weeks, construction giant Skanska AB restarted work on the NOAA building and began putting the final touches on the office building.

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