May 23, 2007

Movin' On Up

DC continues to experience an upswing with property gaining in value as the city rebounds.

Case in point the recent purchase by Hines of 2100 M St NW for $152.5 million at $497.29/square foot. The acquisition of the Farragut North property was done out of their value-add office investment program, said

One way Hines might add value to the project would be to add an additional 100,000 sf to the building, according Hines Vice President John Harned.

Harned may be thinking he can add a floor or two, which seems to be a trend of late. Ideally, he could add another 20, rather than just two, but alas that would mean we live in Arlington and not the nation's capitol.

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