Support

Metro Considers Sale of Headquarters as building “valued between $56 million and $132 million”

metro hq
Photo by PoPville flickr user nevermindtheend

From WMATA:

“Metro GM/CEO Paul J. Wiedefeld announced that a valuation analysis of the Jackson Graham Building, Metro’s downtown D.C. Headquarters, has been done. The findings are that the building is valued between $56 million and $132, depending on what density a rezone of the property would allow.

Proceeding with the General Manager’s Customer Accountability Report (CARe) initiative to review the upside of selling the Jackson Graham Building, Wiedefeld enlisted a commercial real estate advisory firm, Jones Lang LaSalle, to conduct a valuation of the 48,041 square foot property.

The report includes a range of current market values for the property and identifies various scenarios that maximize its worth—from a baseline scenario of renovating the existing structure (which renders the lower end of the value range, at $56 million), to demolition and redevelopment from the ground up for future commercial uses (the highest likely value estimated at $132 million).

Adjacent to the Verizon Center and proximate to two Metrorail stations, the sale of the 600 Fifth Street, NW site is prime for a top-of-the-market commercial or residential development. However, current zoning has Metro as the only permitted use of the site. If Metro were to stay in the building, it would need to expend an estimated $75 million to $90 million to replace almost every major building system (plumbing, heating and air conditioning, electrical, fire/life safety), all of which are at the end of their useful life.

”The choices facing Metro about its headquarters building are clear: either expend millions to retrofit the existing building to bring it up to modern fire and life safety standards, or sell the building at the top of its potential value range and use those proceeds to fund a relocation,” said Wiedefeld.

To optimize the value, Metro will be seeking rezoning to allow for a high-density commercial redevelopment, which is consistent with the District of Columbia’s Comprehensive Plan. Following the rezoning process, Wiedefeld will reassess Metro’s market position and make a determination about whether or not to move forward with the sale of the Headquarters facility.”

Recent Stories

photo by DCbmyers You can talk about whatever is on your mind – quality of life issues, a beautiful tree you spotted, scuttlebutt, or any random questions/thoughts you may have….

1201 Half Street, SE courtesy The Bullpen From a press release: “As Spring arrives in the District, The Bullpen, Washington DC’s award-winning outdoor venue is set to reopen with a…

Thanks to Melissa for sending from the the trees near the Natural History Museum. Friends of the White Whale Society is brought to you by the team behind Hawks*** around…

Photo by LaTur Ed. Note: If this was you, please email [email protected] so I can put you in touch with OP. “Dear PoPville, I was perusing books at solid state…

Well-Paid Maids, the only certified living-wage cleaning company in the D.C. area, has always operated Monday to Friday. But last month, they asked customers: Would you prefer weekend cleanings? 33% responded “yes.”

That means Well-Paid Maids is now offering weekend cleanings! The goal is to make your life as easy as possible. If your weekday schedule is too hectic or you work from home, this is for you!

Appointments are available to book now with services starting Saturday, March 23. We suspect these time slots will be popular, so don’t wait to schedule!

Read More

Submit your own Announcement here.

Bethesda Film Fest

The 2024 Bethesda Film Fest will feature five short documentary films made by filmmakers from Maryland, Virginia, and Washington, D.C. Screenings will be held Friday April 5 and Saturday April 6 at Landmark Bethesda Row Cinema.

Romance Author & Reader Happy (Ever After) Hour

Enjoy drinks with fellow romance loverss.

Confirmed special guests include Andie J. Christopher, Susie Dumond, Laura Hankin, Timothy Janovsky, Thien-Kim Lam, Chip Pons and Sarah Wendell. We’ll have raffles for signed copies and other fun prizes.

The event will feature

×

Subscribe to our mailing list