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January 24, 2007
Wachovia Renews Lease at Penn Branch Center
Financial Center Occupancy To Span At Least 25 Years
WASHINGTON, DC-Washington, D.C.-based ICG Properties has announced that Wachovia has renewed its lease at Penn Branch Center. The branch has been open at the 3220 Pennsylvania Avenue, SE, location since 1990.
Penn Branch Shopping Center is a mixed-use office and retail property located at the intersection of Pennsylvania Avenue and Branch Avenue in the city's Hillcrest neighborhood of Southeast. The area has recently been identified as a focal point in the Great Streets Initiative, a citywide planning effort that seeks to revitalize six major corridors in the District of Columbia.
Wachovia renewed its 3,916 square-foot lease for an additional seven years. Retail rental rates in the 90,000-square-foot center are currently in the high $30s on a triple net basis. ICG Properties, which acquired the property in December 2005, represented itself in the lease transaction. The firm is currently exploring renovation and repositioning strategies for the building, which also houses several District of Columbia government agencies.
ICG Properties was founded in Washington, DC in 1995, and recently changed its name from Infrastructure Capital Group. The firm currently owns more than 500,000 square feet of stabilized commercial assets, including Penn Branch Center, the World Center Building at 1600 K Street, NW, and 2115 and 2121 Wisconsin Avenue, NW. ICG also owns or controls another half-million square feet of developable commercial and residential density.