BRAC IS A FOUR LETTER WORD IN DC, not just in Crystal City. With the economic impact of the Base Realignment Commission set to bear down on Crystal City in the next few years, DC commercial landlords may want to brace themselves too. As part of the plan to downsize and consolodate the military, 4 million SF of office space will be vacated and 20,000 jobs will retreat from Crystal City.
Will Crystal City landlords look across the Potomac to fill this gapping hole. You betcha! Need proof? National Cooperative Bank announced its moving its headquarters from DC to the Crystal City in September. NCB signed a 15-year lease for 86,000 SF in Crystal City. NCB will be vacating its previous location, 1725 Eye St. Coincidence? Prehaps. There probably were many factors driving NCB's decision, but the Crystal City landlord's probably made the deal as sweet as possible knowing what they were up against.
No matter what the savings, can you imagine the joylessness in the office the day the "Relocation Memo" was circulated. "We thought about staying put, moving to emerging NOMA or down in Southwest near the planned baseball stadium, but decided upon Crystal City." Oh the horror! From vibrant streets, diverse lunching options and a nice park with trees to Logan's Run underground. Will someone do a study on the health risks associated with over exporsure to flouresent lights?
HOUSING STARTS ARE UP, says the Washington Post. Warm weather? Foolish builders? You make the call.
February 17, 2006
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3 comments:
Have you been to Crystal City lately? Its not the grim urban jungle that it was in the past. 23rd Street remains a cool little outpost and the development along Crystal Drive is a welcome addition to the area.
We have driven through and admittedly have a bias against, which we are sure you could not gleen on your own.
But no matter how many Jaleos open, its charmless and sterile and you wont be able to convince the bubble otherwise.
I have to agree with bubble on this. Crystal City just wasn't designed to be destination. And all the retro-fitting in the world won't make it so.
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