The Senator will Rise Again

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.