New Address for the 21st Century
by Virginia Fairweather, Editor in Chief;Serial Information: Civil Engineering—ASCE, 1996, Vol. 66, Issue 9, Pg. 42-45
Document Type: Feature article
Abstract:
The purchase of the office building in Reston, Virginia, that will be the society's new headquarters is described. The decision to buy property was made in April 1993, candidate buildings studied and a selection made and a 107,000 sq fr building bought and closed on by September 1994. An ASCE Foundation was set up with Curtis Deane as president to oversee the purchase, ownership and rental operations. The building, called Parallel Centre, was bought for $8 million at what was probably the bottom of the office real estate market at that time in 1994. The building had originally been built in 1986 for speculation with a tenant in mind that did not stay. For most of the building's life, the Boeing Company occupied the space. Two banks, one Japanese and one American, took over the mortgage, which was $13.4 million in 1991. Assuming an 80% mortgage, the society bought the property for close to half of the original price, an estimated $16 million. The building has two floors occupied by tenants, whose leases run until 2003 and 2006 and whose total rent is $650,000 gross. The other two floors are now occupied by society staff. The alterations and office fit-out in preparation for the final relocation of staff are described. A two-story atrium and enlarged lobby area are among the improvements under design. A sculpture-like donor wall is also being designed and will form one of the lobby area walls. Phase one of the work is completed, and the second and final phase is scheduled to begin in early 1997. The move will be complete in July 1997.
Subject Headings: Buildings | Walls | Floors | Commercial buildings | Real estate | Professional societies | Pricing
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