Press Advisory for Immediate Release October 30, 2009 Fenty Administration Moves Foward With 225 Virginia Avenue Redevelopment Contact: Jack Pfeiffer, (202) 727-1751 (Washington, DC) Mayor Adrian M. Fenty, along with Department of Real Estate Services (DRES) Director Robin-Eve Jasper, today announced plans for the redevelopment of 225 Virginia Avenue, SE, in the Capitol Riverfront area. The District purchased 225 and will enter into development deal with Stonebridge Carras, saving the city more than $60 million over the life of the new 20-year arrangement. “Redevelopment plans for 225 Virginia Avenue will add value to the surrounding neighborhoods, while also providing facilities upgrades to three District agencies,” said Mayor Adrian Fenty. “We look forward to increased agency effectiveness and economic development as a result of this project.” Through this initiative the Administration has eliminated a $9 million annual lease on the vacant property, and an additional $100 million capital investment cost. “The plans for 225 Virginia Avenue are truly exciting,” said Director Jasper. “With features such as LEED Silver certification and a ground floor art gallery, the redevelopment of 225 Virginia Avenue promises to be an outstanding contribution to the District.” Stonebridge Carras is scheduled to renovate the property over two years and the Capitol River front area will have a great new 350,000 square foot LEED Silver certified office building. The redeveloped space will house Child and Family Services Agency (CFSA), Office of Chief Technology Officer (OCTO), and District of Columbia Commission on the Arts and Humanities (DCCAH). The relocation of these three agencies saves the city about $9 million annually. Additionally, the building will include a ground floor public gallery showcasing the vast DCCAH art collection. The redevelopment of 225 greatly supports economic development in the area and will complement the development of the adjacent Canal Blocks Park.  Over the last two years, DRES has coordinated relocation of 30 agencies totaling approximately two million square feet of space. Through better space management and implementation of new Workplace Design Guidelines, DRES will reduce the amount of third party leased spaced in FY 2010 by approximately 170,000 square feet and save District taxpayers approximately $7 million. DRES is also moving to aggressively manage lease costs through improved management.  Two independent audit firms are performing lease audits on 45 leased properties within the DRES portfolio and anticipate several million dollars in net recoveries to the District.