This trophy of trophy properties is undergoing a major transformation

The two-building Market Square complex on Pennsylvania Avenue in Northwest D.C. has long enjoyed its status as a choice Washington office property, pulling in rental rates among the highest in the District.

But those twin 13-story buildings, constructed atop the Archives-Navy Memorial Metro Station in 1990 and offering sweeping views of Washington, are showing their age, and Columbia Property Trust lost one of its marquee tenants when Norton Rose Fulbright shifted its D.C. office to a newly repositioned building near Mount Vernon Square earlier this year. Now, Columbia Property Trust (NYSE: CXP) has launched a multimillion-dollar renovation to ensure that Market Square maintains its position among the upper echelon of D.C.’s commercial real estate market.

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