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| | | A-1 location beckons at Newseum building | | April 20, 2009 | | | | 
But inside the residences attached to the museum, the story is far sunnier. The building is 99 percent rented, said property manager John Sancho.
Tenants haven’t balked at the monthly rents that range from $1,720 for a studio to $6,510 for a two-bedroom, two-bath unit. And there is plenty of cachet, if not in the news industry itself, then in living cheek-by-jowl with a flashy temple to the same.
That’s not to say that the economy hasn’t affected the building, steps from the U.S. Capitol and National Mall, that urges prospective tenants to “live among landmarks.” The development was originally conceived as condominiums but switched to rentals when the condo market soured.
But the 135-unit Newseum Residences’ status isn’t necessarily permanent, said Sancho. When the economy improves and D.C. condo market recovers, he predicted, the building will be converted to condominiums. The turnover would occur on a unit-by-unit basis, he said. No resident would be forced out, but “once a tenant gives notice, the unit could be offered for sale,” Sancho said.
The uncertain economic climate also drove a price drop in the building’s early days. A typical two-bedroom, one-bath unit was listed at $5,000 to $6,000 in 2007 when leasing began, said Sancho. But that was lowered to $3,800 to $4,000 last year. Now, rents are “holding fairly steady,” he said, and rising at a 3 to 4 percent annual rate.
The Newseum’s views were much vaunted during January’s presidential inauguration, and the balconies over the Pennsylvania Avenue parade route were filled with onlookers. But the Newseum’s residents can enjoy stunning views year-round from their rooftop terrace. Last year’s fireworks on the Fourth of July were a particular draw for residents and their guests, said Sancho.
The building’s management aims to keep residents happy (and renewing leases) through a variety of measures. Each new resident gets a one-year pass to the Newseum. Throwing parties on the roof is one way of maintaining good relations; handing out tickets to Verizon Center events, including Wizards and Capitals games, is another.
But the biggest amenities here aren’t the occasional complimentary ticket. A gym isn’t huge but has a full complement of shiny new equipment. A lounge and central kitchen are standards in high-end buildings, but this space stands out. Walls of glass create an airy feel, and mod green sofas welcome residents who want to use the Wi-Fi service or watch the large television hidden behind a panel.
The kitchen is semi-private, which is a plus during the catered events the building management occasionally holds here. Residents may also rent
the space for get-togethers.
The design of the public spaces strikes a balance between the residences’ immediate context — the Newseum — and the wider, monument-littered neighborhood. Televisions tucked into walls are positioned at critical points: no need to miss the news while waiting for the elevator. But pale stone panels the lower portions of many walls, a nod to the solidity of the Newseum’s neighbors.
The sole unit available in early spring, a studio with den for $2,180 a month, showcases the general style of the residences — clean, modern — in one of its smallest offerings. The kitchen pairs warm wood cabinets with black appliances; larger and pricier units have stainless steel. A carpeted area (some units have hardwood) ends in a windowed wall that lets tons of natural light into the building.
That space could certainly be the bedroom, but the unit’s den, which can’t be classified as a bedroom because it doesn’t have any windows, could also accommodate a bed easily.
As is the trend in high-end buildings, even small units get sizable bathrooms and closets. And every unit in the building, Sancho pointed out, has its own washer and dryer.
There’s a long list of amenities, certainly, but living at the Newseum Residences can have its drawbacks, too. President Barack Obama has dropped by the Newseum a few times, said Sancho, who noted that the visits are exciting, but not always convenient. There’s a brief window of time before Obama arrives and after he leaves, said Sancho, that residents can’t get their cars out of the underground garage.
For more information about the Newseum Residences, located at 565 Pennsylvania Ave. NW, call 866-593-3660. | | | | | Log in to comment on this article |
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