{"id":1004097546,"date":"2014-05-30T20:55:43","date_gmt":"2014-05-31T04:55:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=265589"},"modified":"2020-05-19T04:47:35","modified_gmt":"2020-05-19T12:47:35","slug":"new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\/","title":{"rendered":"New Boston Fund Hires CBRE to Find Tenants for NoMa Office Tower"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">The 11-story office tower at 111 K St., N.E., opened in 2010, in NoMa, D.C.\u2019s fastest-growing neighborhood. Two years later, it was acquired by the New Boston Fund, an independent, privately owned real estate investor. Now, the owner has hired CBRE as the exclusive leasing agent for 98,780 square feet of boutique office space in the building.<\/p>\n<p style=\"text-align: justify;\">The all-glass tower was originally developed as a luxury office condominium property. Gensler designed it with nine-foot ceilings, 8,000-square-foot floor plates and floor-to-ceiling glass. Amenities include a 3,000-square-foot state-of-the-art conference center, reserved underground parking, a landscaped rooftop terrace and a new fitness center set to open this summer.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/33333333.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-265590\" title=\"33333333\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/33333333.jpg\" alt=\"\" width=\"170\" height=\"300\" \/><\/a>\u201c111 K St. is a trophy office tower that provides smaller tenants with a level of finish, amenities and sense of &#8216;full-floor&#8217; presence that can\u2019t typically be accessed in D.C.,\u201d said David Langol, vice president of asset management for New Boston Fund, in a statement for the press. \u201cWe are very excited to be working with the team at CBRE as we reposition the property.\u201d<\/p>\n<p style=\"text-align: justify;\">CBRE\u2019s Mark Klug, Katie Gorretta, Max Friedman and Abby Todd will represent New Boston Fund. \u201cThis boutique property is a perfect opportunity for associations and government affairs firms to access Capitol Hill, while enjoying the quality, Capitol views and trophy-class amenities that typically are available only to the very largest of tenants.  111 K St. is truly the gem of NoMa, which has established itself with a strong retail and residential presence, in addition to its growing office market,\u201d said Gorretta.<\/p>\n<p style=\"text-align: justify;\">CBRE reports that the District\u2019s office market experienced 266,000 square feet of negative absorption in the first quarter of the year, mainly due to several tenants reducing their footprints with their new leases. The overall vacancy climbed to 11.2 percent in the first quarter, from 10.7 percent at the end of 2013, and overall rents decreased by 2 percent to $50.59 per square foot.<\/p>\n<p style=\"text-align: justify;\">However, trophy buildings outperformed other product groups in the first months of the year and recorded a rent increase of $0.23 quarter-over-quarter, to $71.39 per square foot. Demand remains high for properties offering desirable locations, high-end amenities and space efficiency. CBRE predicts that, as the market stabilizes and the construction pipeline remains constrained, demand for trophy and Class A space will continue to rise, as will rents.<\/p>\n<p style=\"text-align: justify;\"><em>Charts courtesy of <\/em><a href=\"https:\/\/www.cbre.us\" rel=\"nofollow\" ><em>CBRE<\/em><\/a><em>.<\/em><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>The 11-story office tower at 111 K Street Northeast opened in 2010, in NoMa, D.C.&rsquo;s fastest growing neighborhood. Two years later, it was acquired by the New Boston Fund, an independent, privately owned real estate investment. Now, the owner has hired CBRE as the exclusive leasing agent for 98,780 square feet of boutique office space in the building.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004097546","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New Boston Fund Hires CBRE to Find Tenants for NoMa Office Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Boston Fund Hires CBRE to Find Tenants for NoMa Office Tower\" \/>\n<meta property=\"og:description\" content=\"The 11-story office tower at 111 K Street Northeast opened in 2010, in NoMa, D.C.&rsquo;s fastest growing neighborhood. Two years later, it was acquired by the New Boston Fund, an independent, privately owned real estate investment. Now, the owner has hired CBRE as the exclusive leasing agent for 98,780 square feet of boutique office space in the building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-05-31T04:55:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T12:47:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/33333333.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"New Boston Fund Hires CBRE to Find Tenants for NoMa Office Tower\",\"datePublished\":\"2014-05-31T04:55:43+00:00\",\"dateModified\":\"2020-05-19T12:47:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\\\/\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/05\\\/33333333.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-boston-fund-hires-cbre-to-find-tenants-for-noma-office-tower\\\/\",\"name\":\"New Boston Fund Hires CBRE to Find Tenants for NoMa Office Tower - 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