Retail Transaction of the Year - Regional
Saks Off 5th and Nordstrom Rack at 555 12th St NW
Dochter & Alexander Retail Advisors was hired to work closely with MetLife, the owners of 555 12th Street in northwest Washington, DC to reposition the retail component of this premier downtown building. With approximately 100,000 square feet of space over three levels, 555 12th offers the largest contiguous block of retail space in DC. More than a year ago, Barnes & Noble closed its doors and the ESPN Zone shuttered several years prior, leaving the south side of the building a ‘dead’ retail block in need of fresh ideas. Dave Dochter and Matt Alexander’s retail strategy for the office asset capitalized on the latest retail additions to the neighborhood and downtown DC in general – especially at nearby City Center where top retail brands recently located. Their program ultimately attracted two of the country’s best retailers. At 74,000 square foot, this was the largest retail transaction completed in DC in 2016 and stands to be one of the most significant in the region. Nordstrom Rack, for its third DC location following Chevy Chase and L Street, NW, will take 37,000 square feet on two levels. For its first District location, Saks Off 5th will take the other 37,000 square feet.