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Lincoln Equities Group and JM Zell Partners have struck a deal to acquire and convert the former Transportation Security Administration buildings at 601 and 701 12th St. S. in Pentagon City while adding 116K SF of new residential area.
“The building’s dimensions make it one of the best conversion candidates I have ever seen,” Lincoln Equities Group CEO Lance Bergstein said in a statement.
“That along with Pentagon City’s unparalleled access, dynamic retail scene and growing residential demand make this an ideal opportunity to create a mixed-use community that will serve as a hub for the area,” he added.
The buildings are owned by Brookfield, and the development partners are under contract to acquire them, the Washington Business Journal reported.
JM Zell and Lincoln Equities filed plans with Arlington County for the conversion this month. The project will also include 31K SF of retail and a half-acre plaza connecting it to the Pentagon City Metro station. The nearly 900-unit underground parking garage at the office buildings will be preserved.
LEASES
MCB Real Estate has inked a lease with Costco to serve as the anchor for its planned Viva White Oak development in Silver Spring, the developer announced. The wholesale club committed to opening a 162K SF store at the $2.8B development, which is planned to include 5,000 residential units and 3M SF of retail and office space, with a focus on life sciences industries.
