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Capital Business
Posted at 12:12 PM ET, 02/29/2012

Built with all equity, Washington area’s tallest office tower stays the course

Building and leasing an office building can be almost as much about marketing and image as steel and concrete, which is why some
The 390-foot building is under construction in Rosslyn. (Courtesy of Monday Properties)
onlookers questioned whether Monday Properties and financial partner Goldman Sachs were going to construct one of the region’s tallest office buildings without any tenants lined up or any construction financing.

Sure Monday broke ground on the underground parking garage in the fall of 2010 and sure, Goldman Sachs, after buying into the deal, affirmed the plans to complete the 390-foot building.

But cynics suggested that with the sluggish economy the companies were likely to simply cover over the parking garage and wait for things to improve. Would they really put that much of their own money behind a speculative office building?

Apparently, yes. Monday and Goldman recently brought the project above grade, putting the option of stopping with a building-free underground parking garage behind them.

Aaron Twersky, director of marketing for Monday Properties, sent over the above photo and noted that “we are truly above grade and ahead of schedule. Further, we pulled the permit for the tower portion from Arlington County on 2/15 and will deliver in the fall of 2013, as planned.”

Follow Jonathan O’Connell on Twitter: oconnellpostbiz

By  |  12:12 PM ET, 02/29/2012

Tags:  Monday Properties, Rosslyn

 
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