Washington, D.C. - The Kaempfer Company, a division of Vornado Realty Trust, launched today the construction of The Bowen Building. The Bowen Building, a new trophy-class office development, is located in Washington's Historic Financial district on the corner of 15 th and Eye Streets across from McPherson Square.
Designed by award-winning architects, Hartman-Cox, the Bowen Building will seamlessly integrate a new 21 st century building design with the restored 1920's original beaux-arts limestone facade. The class A building, which will deliver in late 2004, is 32% pre-leased to international law firm Paul, Hastings, Janofsky and Walker, LLP. Approximately 150,000 square feet of prime office space is available to lease.
The complex restoration and retention of the historic facade with elaborate architectural details requires 90 foot high structural steel scaffolding that encases the site along 15th and Eye Streets as well as the south alley. The _____ ton steel scaffolding structure was designed by Tadjer Cohen Edleson and erected by Halac Iron Works.
"We are excited to begin construction of the Bowen Building. It's a privilege to bring one of Washington's most elegant historic buildings back to the market", said Mitchell Schear, President of The Kaempfer Company and Charles E. Smith Commercial Realty, LP. Both Kaempfer and Smith are wholly-owned by Vornado Realty Trust (NYSE:VNO), a fully integrated real estate investment trust.
The new Bowen Building will consist of approximately 220,000 square feet of rentable office space in 12 stories and two levels of parking. Each office floor will consist of approximately 19,000 rentable square feet. Building features and amenities will include on-site management, a fully equipped fitness center, rooftop terrace, excellent views to the malls and parks, glass on four sides, and a complete security system including 24-hour electronic access.
The construction launch of the Bowen building was marked by a ceremony on the rooftop terrace of The Investment Building, another of Kaempfer's Class A developments, providing a view over McPherson Square to the illuminated scaffolding of the Bowen Building.
The Bowen Building is a joint venture with Real Estate Capital Partners, based in New York, and The Kaempfer Company, a well-known local developer.
SOURCE: The Kaempfer Co.
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