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March/April 2008 GW, Boston Properties Finalize Ground Lease for Square 54
GW and Boston Properties have executed a 60-year ground lease for the redevelopment of Square 54, the former site of GW Hospital. The parcel of land, located in the heart of Foggy Bottom at the convergence of Pennsylvania Avenue, Washington Circle, and I and 23rd streets, NW, provides the opportunity for a mix of retail, residential, and office uses, including a grocery store, immediately adjacent to the Foggy Bottom-GWU Metrorail station. “This represents a key element of GW’s integrated strategy for the future development of the Foggy Bottom Campus,” says W. Russell Ramsey, B.B.A. ’81, chairman of GW’s Board of Trustees. “It is one more cog in a wheel that will help drive the University’s future success, and I couldn’t be more pleased.” GW President Steven Knapp adds, “The redevelopment of Square 54 benefits the entire Foggy Bottom/West End community by creating a premier focal point and gathering place featuring street-level retail and a substantial grocery store. It’s a splendid example of what GW, the community, and city can accomplish together.” The University’s integrated development strategy includes the Square 54 project, as well as GW’s 20-year Foggy Bottom Campus Plan, and involved more than three years of engagement with members of the community and District of Columbia zoning and planning agencies. The campus plan provides for GW’s future academic and space needs, including a new interdisciplinary science and engineering complex and the School Without Walls public/ private development partnership. The finalization of the ground lease also marks the commencement of ground rent payments to the University that will be used to fund GW’s core educational and research missions. For Boston Properties, Square 54 represents the company’s continued commitment to developing projects in the nation’s capital. The project, created by lead designer Pelli Clarke Pelli Architects and architect of record Hickok Cole Architects, establishes the platform for this to be one of the preeminent mixed-use developments in the Washington region. Boston Properties is a fully integrated, self-administered, and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates, and owns a property portfolio primarily comprising office space and mixed use projects. Boston Properties is one of the largest owners and developers of Class A office properties in the United States.
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