It looks like the iconic Senator Office Building is about to change hands. The building consists of about 160,000 square feet on 10 floors, and has historically been a popular location for lobbyists and associations since it is directly across the street from the Capitol.
In 2010 CALHFA vacated the building to move into a shiny new space at 500 Capitol Mall. When CALHFA moved out they left behind a significant vacancy, say about 50,000 square feet. Up until CALHFA’s move, the building never had a vacancy over 5%; in fact, 5% would be considered high.
Currently there is about 50,000 square feet available about (30% vacancy) with spaces ranging from 500 to 15,000 square feet. With new ownership this vacancy should lease up fast.
If you are a tenant looking for about 5,000 square feet near the Capitol, your choices are slim. Class A space in the Capitol Close Micro market (excluding the Senator and 1130 K Street) is hovering under 7%. So, once the leasing program gets going at the Senator, we should see the Senator’s vacancy back to where it should be.