The Washington Post covers the deflating market for suburban office parks in the D.C. area.
The building was built in 1989, and it shows: a mountain of tinted glass and beige concrete in commercial dullsville. Over the past decade, its value dropped by 64 percent. The largest tenant, the National Institutes of Health and its contractors, started packing up two years ago as leases expired. By 2014, the owner reported cash-flow problems, foreclosure arrived this past January, and that was it for 6116 Executive Blvd…
“I think, as with many other things, our younger folks are more inclined to be Metro-accessible and more urban,” Marriott chief executive Arne Sorensontold The Washington Post in March, after announcing the plans to move.
If tastes keep trending away from office parks, buildings like 6116 Executive Blvd. and 10400 Fernwood Rd. may soon be hollow, oversize memorials to the Way We Worked.