Developers expect the WELL Building StandardTM to be a larger part of the new normal for the real estate sector going forward
The Meridian Group and Rockefeller Group developed a state-of-the-art, trophy office building located in the heart of the central business district that delivered this spring and will be the first-ever office building in Washington, D.C. to earn the WELL Building Core and Shell certification.
To achieve certification, 1901 L Street will meet a variety of preconditions applicable to core and shell projects by attaining quality standards for air, water, nourishment, fitness, comfort and mind. Air quality is an important focus of the WELL v1 Silver Certification. To ensure the highest level of air quality and dedicated ventilation at 1901 L Street, the ownership installed a DOAS (Dedicated Outside Air System) that provides a 100 percent outside filtered air supply to the building rather than recycled indoor air.
The WELL Building certification is administered by the International WELL Building InstituteTM (IWBITM), with the certification process implemented by Green Business Certification Inc. (GBCI), the same organization that implements LEED certification. The building has cleared the performance verification evaluation and achieved WELL Pre-Certification on its path to the final certification expected in the next few weeks.
The project is a joint venture of The Meridian Group and Rockefeller Group. At over 70 percent preleased, the property’s emphasis on wellness has already attracted a variety of first-class tenants including law firms Winston & Strawn and Axinn, Veltrop & Harkrider, as well as Rockefeller Group’s own D.C. headquarters.
“Our recent delivery of 1901 L Street at 70 percent preleased is an accomplishment we are very proud of,” said Wil Machen, Senior Vice President with Meridian. “When we began redevelopment planning in early 2017, we committed to achieving WELL certification because we valued the principles that it promoted, but also because we thought occupants would value them as they looked to attract and retain top talent.
“In the current pandemic environment, we’re even more proud of the decision to pursue WELL certification to provide a healthier workplace environment for tenants and their employees,” Mr. Machen added. “While 1901 L Street is market-leading in wellness, we’re deploying the same wellness concepts to operations across all of the buildings in our portfolio. The current pandemic emphasized the importance of wellness to companies looking for new office space, which is a trend we think will continue well beyond the end of the current pandemic.”
CBRE is leading the leasing efforts for the new development at the prime corner of 19th and L streets. The CBRE team includes Mark Klug, Carroll Cavanaugh, Scott Frankel, Emily Eppolito and Dimitri Hajimihalis. Approximately 57,000 square feet of office space and approximately 9,000 square feet of retail space remain available for lease.
“The Meridian Group and Rockefeller Group have led the market in transforming their real estate with cutting-edge amenities that tenants have gravitated towards. 1901 L Street is no different with its incredible 5,000 SF+ shared penthouse experience and fitness offering,” said Mr. Klug, Executive Vice President of CBRE. “The building’s certification and emphasis on health and wellness is ownership’s way of continuing to set a new standard in the office market as tenants continue to evaluate best practices in the areas of health and wellness for their workforce.”
Launched in October 2014, after six years of intensive scientific and medical research, the WELL Building StandardTM is the first building certification program to focus exclusively on the way that buildings can enhance health and wellness. More information about IWBITM can be found at WellCertified.com.
About The Meridian Group
The Meridian Group is a real estate investment and development firm based in Bethesda, Md. Since its inception in 1993, Meridian has acquired and developed more than 14 million square feet of office, residential, hotel, mixed-use, and land with a focus on the metropolitan Washington, DC market. To learn more, visit Meridian’s website at www.tmgdc.com.
About Rockefeller Group
Rockefeller Group is a leading real estate developer, owner and operator, known since the development of Rockefeller Center for pioneering large-scale urban mixed-use development. For nearly nine decades the company has been trusted for its financial strength, stability and vision, and today remains committed to the selective development of innovative, high-quality office, industrial, residential and mixed-use properties in urban centers and strategic distribution markets. Visit RockefellerGroup.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
