The building has been built. The interior architectural design drawings have been completed. The countdown to June’s move is on!
After nearly 50 years leasing office space at One Dupont Circle, AACRAO is moving to a building at 1108 16th Street NW with a view that’s sure to inspire. AACRAO is purchasing two floors of a new eight-floor building that will include both condominiums and offices. The building is in a historic district and both the White House and the Washington Monument are visible from the office windows. Importantly, the office is within walking distance of Dupont Circle and easily accessible via Metro, which will help AACRAO stay connected to higher education colleagues and maintains an easy commute for staff.
"AACRAO has been considering the possibility of purchasing real estate for many years,” said Executive Director Mike Reilly. “It is very fortunate that the association is in such a strong financial position and managed to find a purchase option that will meet our needs. After more than 100 years AACRAO will finally own their own space."
The mortgage will cost the same or less annually than the current lease, and, at the end of the 25 year loan period, AACRAO will have an asset valued at more than $25 million (based on current Washington, DC property values and industry projections.) The investment also helps diversify AACRAO’s reserves.
The project is on schedule. The interior architectural design drawings were completed in December, demonstrating a contemporary, open feel with spaces that encourage creativity and collaboration.
"I'm really excited about the open floor plans and new common spaces. I think it'll definitely help the staff coordinate and collaborate on projects. The membership department in particular relies on coordinating with other departments, so I'll be looking forward to meeting in the huddle spaces,” said Alex Lojko, Associate Director of Membership and Awards “I'm also excited about the new location. We'll be steps away from the White House, but more importantly close to the L Street food trucks!"
Here are the project’s next steps:
- FEBRUARY. A few contractors toured the building in January and will provide bids for completing the office space in February.
- MARCH. After the general contractor is selected, the build-out of the two floors will begin by the end of March, when AACRAO closes on the property.
- JUNE. The build-out will take three months, and AACRAO’s anticipated move-in date is the end of June.
The AACRAO staff is preparing for the move by going through paperwork for archives, setting aside things that can be recycled, and connecting with schools which might benefit from donated furniture or materials.
Members can expect a building update at the 2018 Annual Meeting in Orlando. Until then, if you have any questions, please contact email@example.com.