PNC to Build New Regional HQ in DC

The Story:
--- PNC, wich own Riggs Bank, plans to build a new HQ building at 17th and H Sts., NW. The planned 350K sf building will replace existing structures. The expectation is that the building, which will house PNC and other tenants, will be ready to go in 2010.

Bubble View:
--- PNC easily could have used this opportunity to relocate to Bethesda or Arlington. So Kudos to them for staying in the city. But that hardly would be fitting of the most important bank in the most important city in the world, as their slogan used to go.
--- Replacing the old Riggs buildings on 17th St. will surely help bring the area Farragut Square area, blocks from the White House, as DC's most prestigous and impressive.

Link: WashBiz

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 Globest.com.


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.