Situation
After years of vacancy and deterioration, Union Station was being considered for demolition.
Following a national competition among the country's most prestigious development firms, Jones Lang LaSalle was awarded development rights of one of the country's largest private/public partnership restorations of a historic landmark building.
Initiatives
Jones Lang LaSalle arranged equity financing, interim and permanent debt financing.
Our company coordinated construction management and office space leasing.
Over 120 stores, restaurants, cafes and a 9-screen movie cinema were constructed, providing over 210,000 square feet of retail space to the facility.
Results
Union Station is Washington's main transportation hub, serviced by Amtrak, commuter trains, the Metro subway and a wide range of bus lines.
Addition of retail and specialty-use space has brought the property sales of over $685 per square foot.
Specialty leasing delivered occupancy on all uncommitted space, resulting in $818,000 income, doubling the projected income amount for 2000.
Site serves as a hub for special events including Inaugural Balls, art exhibits, concerts-including a holiday show by the National Symphony Orchestra-and other events that draw patrons into the Station.
Awards of Excellence bestowed by the International Council of Shopping Centers and Urban Land Institute.
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