Construction Resumes at 1015 Half Street in Washington D.C.’s Riverfront Redevelopment Area

May 5, 2010 - PRLog -- Construction of a 400,000-square-foot office building at 1015 Half St. SE resumed on Monday, April 26, according to the receiver of the property, Douglas Wilson, owner of the Douglas Wilson Companies (DWC). Currently owned by Half Street SE, LLC, construction of the building was halted when the owner’s parent company, Opus East LLC, filed for bankruptcy in mid 2009. The property is located in Southeast Washington D.C.’s burgeoning Capitol Riverfront Business Improvement District.

A nationally known specialist in distressed real estate and court-appointed receiverships, DWC on April 23 signed a $26 million contract with Skanska USA Building Inc., of Rockville, Md., to remobilize the property’s existing subcontractor community in order to complete construction of the 10-story building by year-end 2010. Based on its innovative design, water and energy efficiencies, use and collection of recycled materials, and the installation of a green roof, the project is expected to achieve LEED Silver certification.

“This is an example of a receivership being used for a pro-active resolution of a difficult situation by completing a building and enhancing the value of the asset,” said CEO Wilson. “The completion of 1015 Half Street will boost revitalization efforts near the Washington Nationals stadium and provide much needed jobs in the area.”

The construction project includes: completion of the building’s core and shell, which was previously suspended, including the building’s glass and precast concrete exterior skin; the final installation of the building’s mechanical systems and elevators; the build-out of a two-story lobby; and the design and construction of the building’s site work and landscaping. With the core and shell now scheduled for completion, the owner of the building can focus on marketing and leasing activities.

“The 1015 Half Street office building is an important project to the Capitol Riverfront as it will represent the next wave of office space to deliver in our neighborhood and be of a size to accommodate large federal agency requirements,” said Michael Stevens, Executive Director, Capitol Riverfront Business Improvement District.  “The construction start-up of 1015 Half Street signals the value that the investment markets place on the Capitol Riverfront as an office market and speaks to the value of this office building as an  asset in our submarket.  

“We applaud the selection of Douglas Wilson as the managers of this asset, of Skanska as the general contractor to complete the building, and of Cassidy Turley as the office broker responsible for the office leasing.  The quality of this team speaks to the quality of 1015 Half Street as an office building asset in the Capitol Riverfront.  We celebrate the construction start-up and look forward to the building’s completion.”

When construction started in 2008, 1015 Half St. SE was expected to provide 10 floors of rentable office space, including 21,000 square feet of ground-floor retail space, a two-story lobby, a tenant-only fitness center, three levels of underground parking and a rooftop terrace with views of the Capitol Building.

Until the property is transferred to different ownership, the receiver has retained Cassidy/Turley to perform marketing and leasing activities for the building.

Based in San Diego, Calif., Douglas Wilson Companies operates six offices around the United States, including Atlanta, Las Vegas, Miami, Orlando and San Francisco. To date, the company has provided problem resolution for more than 600 projects involving assets valued in excess of $12 billion.

MORE ABOUT DOUGLAS WILSON COMPANIES
Founded in 1989, Douglas Wilson Companies is one of the largest firms of its kind, providing a wide range of specialized business and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITS, financial institutions and property owners nationwide.

Services include workout and problem resolution, crisis/force majeure response, asset management, consulting, business planning, forensic accounting, receivership, development, entitlement, and construction management.

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