Jemal Captures 3 High Profile Tenants in D.C. by Jonah Keri,
Staff Reporter
Doug Jemal continued his hot streak, wooing a presidential
candidate, a major university and a big-name law firm
to three of his D.C. office buildings.
Jemal's firm, Rockville-based Douglas Development signed
Vice President Al Gore's campaign team, Gore 2000, to
a two-year, 30,000-square-foot lease at 2131 K St. NW.
Rents are $32 per square foot.
Georgetown University leased 66,000 square feet at the
Car Barn, 3600 M St. NW, for $25 per square foot. The
school will use the space for administrative purposes.
Arnold & Porter, a District-based law firm, is close
to a deal for about 50,000 square feet at 4001 Brandywine
St. NW. Jemal said the firm will fill the space with
support staff and a few attorneys as an alternative
to the high rents in the central business district.
Rents at 4001 Brandywine are slightly under $18 to $19
per square foot.
The three leases are the latest examples of Jemal's
ability to buy distressed properties, make structural
and systems improvements and lease space to high-profile
tenants.
"There's no question we've developed a brand,"
Jemal said. "Plus the market happens to be really
good right now. We're seeing tremendous pent-up demand
for office space."
Jemal bought 2131 K St. from Pacific Life Insurance
in November for $5.2 million. The eight-story, 74,596-square-foot
building was completely vacant.
He purchased the four-story, 85,836-square-foot Car
Barn in May 1997 from the Lutheran Brotherhood of Minneapolis.
He spent several months doing roofing and mechanical
work but eventually was able to lease more than half
of the historic building to Georgetown.
The biggest challenge of the three was 4001 Brandywine,
a three-story, 60,000-square-foot building a few blocks
from the Maryland line in Northwest Washington.
Jemal bought the building from Arlington-based Gannett
in 1996 for $600,000. It took a $3 million full-scale
renovation to get the building up to code, but Jemal
now seems poised to land a prize tenant in Arnold &
Porter.
Mary Petersen, senior vice president for Cassidy &
Pinkard. a District-based commercial real estate firm,
said Jemal is adept at searching out opportunities and
acting quickly to get what he wants.
He'll go for off-beat situations," Petersen said.
"He looks for prices where he can buy value and
it works."
