MRP Realty, adeveloper and development and construction manager of commercial, residential, industrial, and mixed-use real estate along the southeast corridor, and LaSalle Investment Management announce today the redevelopment near-completion and rebrand of Crystal & Clark, previously known as Century Center at 2450 Crystal Drive and 2461 S. Clark Street in National Landing.
“Century Center was an outmoded design with limited amenities and much-needed indoor/outdoor spaces for the offices,further complemented by the retail-accessible pedestrian plaza shared by the two buildings,” said Frederick Rothmeijer, Founding Principal of MRP’s Development, Construction Management and Asset Management operations.“Our strategic plan executed with Davis Construction brings a palpable vitality to this property, and to the neighborhood, located in the center of the burgeoning National Landing.”
Steps from Amazon’s HQ2, Reagan National Airport, and Virginia Tech’s Innovation Campus 2450 Crystal Drive and 2461 S. Clark are situated in the center of National Landing.Crystal & Clark consists of two buildings at the intersection of Crystal Drive and S. Clark Street withthe redevelopment connected by a public plaza between them.The familiar buildings in the Crystal City skyline are redefined by new access to outdoor plazaseating and gathering areas, increased street-level retail and restaurant spaces with grocery, a walkable pedestrian plaza, and streetscape improvements. Substantial office upgrades include major lobby redevelopment, the largest office conference center in National Landing, fitness center& locker rooms, 2nd and 3rdfloor terraces with indoor/outdoor meeting spaces, and tenant Townhall amenity space.
The changes balance modern design with biophilic and organic touches to the once dated and washed-out exteriors and mall interior of the ground floor. Greenery, indoor-outdoor spaces, sweeping architectural features, and vibrant retail will now welcome tenants and guests to a space designed to inspire.
“With our keen appreciation of the National Landing neighborhood, we are pleased to see the redevelopment come to fruition,” said Shaun Broome, Managing Director at LaSalle Investment Management. “We believe it will be a significant draw for new tenants and an improved chapter for those who have been onsite for years.”
Already attracting a strong contingent of office leases based on renovations made, Raytheon renewed their leaseto keep corporate headquarters at the site in 2021, signing onto a 120K-square-foot lease on six floorsacross both buildings. 2450 Crystal Drive comprises a total of 336,229 square feet of office space, and 51,443 square feet of retail, 36K square feet of whichare under lease or in negotiation. 2461 S Clark has atotal office footprint of 232,969 square feet, and5,000 square feet of retail now under lease of the total 18,980 available.
“Once prospective tenants visit the site and see this radically improved office and retail environment – especially the food and dining choices, along with a continuing vision set in the very center of National Landing, the value of this position will be undeniable,”said Gary Cook, Senior Vice President Leasing for Lincoln Property Company. “The ‘office lifestyle’ here is a game-changer that I believeall current and future tenants celebrate as we seek to bring them new synergistic neighbors to the building.”
Also included in the property’s strategy is a 334,270-square-foot residential tower, providing 302 units across 24 stories, with 21,863 square feet of additional retail.
MRP leads the development and construction management for the redevelopment of the mixed-use center, with Davis Construction as General Contractor. Office Leasing is led by Gary Cook, Stoddie Nibley, and Neil Alt at Lincoln Property Company.
The plaza of Crystal & Clark is a reimagined central gathering hub between the two buildings, lined by retail aimed at creating a complete ecosystem of amenities for building occupants and neighborhood residents to enjoy. Casual and fine dining, medical, daycare, and more will provide a comprehensive array of retail so that employees and visitors have all needs satisfied within the property footprint. Construction is set to complete Spring 2023.
About MRP Realty
Founded in 2005, MRP is a real estate operating company focused on opportunistic and value-add investment headquartered in Washington, DC. Since the firm’s inception, MRP has been among the most active local investors and developers in office, multifamily and land investment, deploying $7.8 billion (total capitalization). MRP provides to its institutional capital partners a full array of real estate services including acquisition/disposition, development/construction management, property management and asset management services, and financial reporting services. MRP focuses on strategic investment opportunities in both high barrier-to-entry submarkets and high growth submarkets. www.mrprealty.com
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $79 billion of assets in private and public real estate property and debt investments as of Q3 2022. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.
For more information, please visit www.lasalle.com, and LinkedIn.
About Lincoln Property Company
Lincoln Property Company is a Dallas, Texas-based global, full-service real estate company with offices in more than 450 cities in the United States and six cities throughout Europe. As one of the largest privately-held real estate firms in the U.S., it provides real estate investment and acquisition, property management, engineering and facility management, development management, construction management, and brokerage services, advisory and finance services worldwide. Lincoln Property Company currently has $98 billion in total assets under management, has 433 million square feet under leasing and/or management, and has developed 150 million square feet of office, residential and industrial space. For more information on Lincoln Property Company, please call 202.513.6700 or contact Erin Goonan egoonan@lpc.com.
