CVS Signs Lease in NoMa
Washington, D.C., June 11, 2010 – CVS signed a 20-year lease for 9,379 SF in Capitol Plaza, marking the first retail tenant at 1200 First Street, NE. CVS will be the first pharmacy to open in the growing NoMa (north of Massachusetts Avenue) neighborhood. The store may open as soon as January 2011.
Managed by Polinger, Shannon & Luchs, Capitol Plaza totals 290,000 SF and delivered in 2006. Today, District of Columbia Public Schools (DCPS) and the District Department of the Environment (DDOE) are lead tenants in the fully-leased building. The building is owned by an affiliate of Polinger Company and Area Property Partners.
“CVS will be a landmark tenant for this principal corner location in NoMa. We are excited to welcome CVS to the building and as a complement to other NoMa retailers such as Harris Teeter,” said John Gordon, President of Polinger Development Co. Billy Orlove of JBG Rosenfeld Retail represented the landlord in the transaction.
“CVS recognizes the purchasing power of the employees already in NoMa and the residents who will begin moving here this year,” said NoMa BID President Liz Price. “We anticipate many more retail announcements of this caliber throughout 2010 and 2011 as the neighborhood really becomes a 24-hour community.” That change is already underway: Pound Coffee recently extended its hours to include weekends. More than 300 students moved into The Washington Center’s student housing facility May 26; and the Loree Grand at Union Place begins leasing June 1.
Capitol Plaza also boasts a unique commitment to the arts; the building hosted Artomatic in 2008, bringing 50,000 visitors and 1,000 artists to the neighborhood during the popular five-week art show. In March, Irish artist Nevan Lahart took up ‘residence’ in the remaining 7,000 SF ground-floor space of Capitol Plaza, sponsored by NoMa BID and Solas Nua. Photographs of his DC-inspired artwork can be viewed here.
NoMa is a mixed-use neighborhood north of Massachusetts Avenue and the U.S. Capitol in Washington, D.C. Between 2007-2009, private developers have invested more than $1.5 billion in the 35-block area covered by the NoMa BID, and have plans to develop more than 20 million square feet of office, residential, hotel, and retail space over the next 15 years. For more information about the BID, including an interactive development map, visit the BID Web site at. View our retail leasing map here.