The address 501 New York Ave NE, Washington DC 20002, USA, located at the intersection of New York Avenue and Florida Avenue, is a commercial property in the up-and-coming NoMa (North of Massachusetts Avenue) neighborhood. The area is known for its mix of residential and commercial spaces, including restaurants, bars, and entertainment venues.
The property sits on a prime location with easy access to public transportation, major highways, and downtown Washington DC. It is within walking distance to the NoMa-Gallaudet U Metro station, providing access to the Red Line, and Union Station, one of the city’s main transportation hubs that connect to Amtrak, MARC trains, and regional buses.
The building itself has a modern design with glass walls and steel beams, giving it a sleek and contemporary look. With over 300,000 square feet of space, it offers a variety of office, retail, and restaurant spaces, making it an attractive destination for businesses looking to establish a presence in the city.
The property is owned by Douglas Development Corporation, a leading real estate company that specializes in developing and redeveloping properties in the Washington DC area. According to their website, the building was originally built in 1931 as a warehouse for the Chesapeake and Potomac Telephone Company but was later converted into office space in the early 2000s.
In recent years, the NoMa neighborhood has been undergoing a transformation, with new developments and renovations bringing in more residents and businesses to the area. The area’s proximity to downtown Washington DC and its relatively affordable rents compared to other parts of the city make it an attractive option for companies looking to relocate or expand.
The building at 501 New York Ave NE has attracted a diverse range of tenants, including law firms, tech startups, government agencies, and non-profit organizations. Its proximity to Capitol Hill also makes it an ideal location for lobbying firms and advocacy groups.
One of the building’s most notable tenants is Amazon, which leased 40,000 square feet of space in the building in 2019. The space is used for its Amazon Web Services (AWS) division, which provides cloud computing services to businesses and organizations worldwide. The move was seen as a significant win for NoMa, as it demonstrated the neighborhood’s growing appeal to tech companies and its ability to attract major players in the industry.
Other notable tenants include the National Democratic Institute, a non-profit organization that promotes democracy around the world, and the law firm Venable LLP, which has been a tenant since 2007.
In addition to office spaces, the building also offers retail and restaurant spaces on the ground level. Some of the current tenants include Chipotle, Tropical Smoothie Cafe, and the sports bar Buffalo Wild Wings.
The NoMa neighborhood has become increasingly popular with millennials and young professionals who are drawn to its urban vibe and convenient location. With its mix of residential and commercial spaces, restaurants, and entertainment options, the area has become a sought-after destination for those looking for an active and vibrant lifestyle.
In recent years, the neighborhood has also made a push to become more environmentally friendly, with new developments incorporating green spaces, bike lanes, and sustainable design features. The building at 501 New York Ave NE is no exception, with its LEED Gold certification for sustainability and energy efficiency.
As with any commercial property, there are always risks and challenges involved. The Covid-19 pandemic has had a significant impact on businesses and the real estate market, with many companies adopting remote work policies and reconsidering their office space needs.
However, despite these challenges, the building at 501 New York Ave NE remains an attractive option for businesses looking for prime office and retail space in a growing and vibrant neighborhood. Its proximity to public transportation, major highways, and downtown Washington DC, along with its modern design and LEED certification, make it a valuable asset to the NoMa community.
In conclusion, the building at 501 New York Ave NE is a prime example of the ongoing development and transformation of the NoMa neighborhood. With its mix of office, retail, and restaurant spaces, as well as its diverse range of tenants, it has become a hub of activity and a sought-after destination for businesses and residents alike. As the neighborhood continues to grow and evolve, the building is poised to remain a valuable asset and a key player in the area’s ongoing development.