Akridge Closes on Development Air Rights at Union Station

WASHINGTON, Oct. 3 /PRNewswire/ — Akridge closed Thursday on a 15-acre air rights development site at Union Station, purchased from the General Services Administration. Called Burnham Place at Union Station, the mixed-use development will directly connect to the national landmark and is named for its renowned architect, Daniel Hudson Burnham. The three million square foot project will be built on a concrete platform twenty feet over the rail yard and straddling the H Street bridge in northeast Washington. The one billion dollar project will be one of the city’s largest and most significant developments in recent years and will create a true mixed-use project that will connect to the region’s largest intermodel transportation center, just two blocks from the US Capitol.

The multi-party closing depended on the coordination and commitment of many public and private entities including the GSA, Amtrak, the Union Station Redevelopment Corporation, the Federal Railroad Administration, AEW on behalf of Union Station Venture, and the DC Department of Transportation. The Honorable Eleanor Holmes Norton has also been a key advocate of the project and recognized the closing as a tremendous achievement for both the federal government and Akridge.

Situated at a major hub for Metro, Marc, VRE, Amtrak, WMATA, Greyhound, the DC Circulator and the proposed H Street streetcar, Burnham Place office, residential and retail Clients will have unprecedented connectivity to Washington and the surrounding region. This interconnectivity renders the site an ideal location for a dense, urban development with a wide variety of uses. The Smart Growth Alliance (http://www.sgalliance.org/), whose members include the Chesapeake Bay Foundation, the Greater Washington Board of Trade, Coalition for Smarter Growth, Enterprise Community Partners, Washington Urban Land Institute and Metropolitan Washington Builders Council, has recognized the attributes of the site and has awarded Burnham Place their coveted “Smart Growth Recognition.” The project was also honored as the “Best Smart Growth Master Plan” from the DC/Maryland chapter of the National Association of Industrial and Office Properties (NAIOP).

The Burnham Place concept has also been incorporated in the DC Office of Planning’s revised comprehensive plan as a linchpin for the Capitol Hill and NoMa (North of Massachusetts Avenue) submarkets, as a means of providing the necessary amenities to support their growth.

“Because of its size and phenomenal location, Burnham Place will be one of the most significant developments Washington has ever seen,” said Joe Svatos, Senior Vice President of Akridge. “In addition to its role as a catalyst for the H Street corridor and the emerging NoMa neighborhood, Burnham Place turns the blight of the Union Station rail yard into a major economic driver and provides a much-needed connection of neighboring communities.”

About Akridge

Akridge is a comprehensive real estate services company that provides acquisition, development, asset and property management, leasing and consulting services. For six of the past seven years, Akridge was ranked the number one real estate firm in the country, among firms of similar size, for Client satisfaction by CEL & Associates and BOMA. Since 1974, the company’s projects have encompassed over 10 million square feet of space in the Greater Washington region. Notable projects include the 1 million square foot Gallery Place, the award-winning Homer Building, and the Victor Building. For more information please visit http://www.akridge.com/.

About Union Station

Union Station, just two blocks from the US Capitol, opened in October 1908 as the largest train station in the world and is considered to be one of the finest examples of Beaux-Arts style architecture in the world. Serving as a gateway to the capital city and major transportation hub of the mid-Atlantic and northeast corridor, Union Station is the most visited tourist attraction in Washington, DC. Union Station hosts nearly 30 million visitors per year including travelers and destination tourists enjoying the restaurants, retail, food court and movie theaters. For more information, please visit http://www.unionstationdc.com/.

Akridge

CONTACT: Mary Margaret Hiller of Akridge, +1-202-624-8627,mmhiller@akridge.com

Web site: http://www.akridge.com/http://www.unionstationdc.com/http://www.sgalliance.org/