Category: (2)

Georgetown Park DC MILLER WALKER Retail space for leaseGeorgetown Park

Six months into its purchase of The Shops at Georgetown Park, Jamestown has tapped Miller Walker to lease up the retail center’s restaurants.

Atlanta-based Jamestown acquired The Shops at Georgetown Park in August from Vornado Realty Trust. The purchase price was $272.5 million, or $893 per square foot.

In this new initiative, Jamestown is focusing specifically on the retail center’s selection of restaurants. The aim is to increase dining options for the neighborhood.

The retail center holds 315,028 SF of retail space. Although it is improving it has seen its share of struggles. Vornado and its acquisition partner, Angelo Gordon, plan to continue to turn things around for the better.

The two picked up the retail center in 2010 a foreclosure auction for $61 million and then went on to invest $80 million in a renovation that transformed it from an inward-facing enclosed mall into a collection of retail spaces with dedicated frontage on both M Street and Wisconsin Avenue. These efforts brought on such national tenants as TJ Maxx/HomeGoods and DSW, as well as a Washington Sports Club.

Bill Miller and Alex Walker of Miller Walker will lead the leasing efforts on the available spaces, which range in size from 800 square feet to 10,000 square feet.

“…Our goal is to bring in some artisanal dining options and to be good stewards of this iconic asset,” said Michael Phillips, president of Jamestown.





Georgetown Park Restaurants Space for lease miller walkerGeorgetown Park Needs Restaurants

The newly redone Georgetown Park mall has been gradually adding tenants for the past year. Bringing in bargain brands — TJ Maxx, DSW — alongside established luxury and better names. All culminating with the opening of Forever21 earlier this month.

So what’s missing? Georgetown Park Restaurants.

There’s nearly 27,000 square feet of space currently being marketed for restaurants. Jamestown is working with Miller Walker Retail Real Estate on the restaurant leasing.

The shopping center’s new owner, Jamestown, which bought the project from Vornado in 2014 for $272 million, wants to add to the development’s appeal by making it a dining destination as well as a retail one.

The available space includes 10,058 square feet on the second level with access from M Street NW. Longtime Georgetown shoppers will remember that space as the former Houlihan’s in the old Georgetown Park Mall.

Another 9,462-square-foot space sits on the back of Georgetown Park overlooking the C&O Canal, with access from the end of the alley between the entrance to DSW and the Dean & Deluca building. For frame of reference, this restaurant would be similarly situated to the upstairs private event space at Pinstripes, the restaurant and bowling and bocce venue on the back of Georgetown Park.

A third space sized at a little more than 7,408 square feet is also available and being marketed for restaurant or retail. The majority of the space is on the canal level, with access from Wisconsin Avenue via a stairway. (Perhaps a perfect place to light the blue light for a nouveau speakeasy down below?)

The developer is looking for tenants that could take each of the spaces in their entirety. Mainly because their tucked-away locations and configurations aren’t likely to split well. Jamestown hopes to lure interesting restaurant tenants that will make the shopping center a place for lunch or dinner as well.

“Our goal is to bring in some artisanal dining options and to be good stewards of this iconic asset,” Michael Phillips, president of Jamestown, said in a statement.