Investors J. D. Lee and Walter J. Hodge have purchased the one-year-old Dodge Center in Georgetown from the Maloney Concrete Co. for $9.9 million.
The pyramid-shaped office building, designed by Hartman-Cox and built by Maritime Co., is at the foot of Wisconsin Avenue overlooking the Georgetown waterfront. About half the space in the 107,000-square-foot brick structure is leased. Thomas G. Owen, in charge of leasing for the agent, Shannon & Luchs, said the building's orginal $10 to $12-a-square-foot rental price was considered high when leasing began two years ago.
"But the market has caught up with Dodge Center," Owen said, as the amount of available space in downtown declined. New leases at the Georgetown building are being signed at about $11.50 to $12 a square foot, he said.
Additionally, Owen said that the recent step-up in downtown office leasing has been accompanied by new interest in redevelopment at two nearby Georgetown sites - the Floor Mill and Paper Mill projects. Housing and office space will be included in both projects.
Late last year, it was announced that builder-developer Alan Kay had arranged to purchase the Dodge Center building for a price considerably higher than that paid by Lee and Hodges. However, the transaction between Kay and Maloney Concrete never was consummated.