Improving on a Great Location
On behalf of an investment client, Lowe acquired Century Center, a mixed-use property with two office towers and a connecting retail component. The property presented the opportunity to add value to an under-developed asset optimally located in the strong Crystal City submarket in Arlington, Virginia. In addition to improving onsite management, Lowe undertook a comprehensive $28 million renovation of the property, transforming the complex into a sophisticated, urban office environment. Improvements included refurbishing lobbies and public spaces, establishing new entrances, extensively enhancing building facades and improving building systems. By reconfiguring existing storefronts Lowe was able to create approximately 17,000 square feet of additional first floor retail space. The combination of improved operations and significant renovation attracted new tenants and retailers to Century Center. Lowe is currently pursuing entitlements to develop a new 23-story, 288-unit multifamily apartment tower at the property. Community amenities at the 327,000 square foot property will include a roof deck, business center, fitness center, and second floor outdoor green space.