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Press Releases

Square 54 Town Center Redevelopment Project Receives Approval

May 14, 2007

On May 14, 2007, the District of Columbia Zoning Commission unanimously approved (5-0) the Planned Unit Development (PUD) application submitted by The George Washington University and its development partners Boston Properties and Kettler to redevelop Square 54, the former GW Hospital site, as a mixed-use “town center” with office, residential, and retail uses. Square 54 will provide significant community amenities, such as a neighborhood-serving grocery store, a public courtyard and pedestrian retail plaza, environmentally friendly design (including over one-half acre of green roof components), and affordable and workforce housing. The project will create a unique gathering place at the Foggy Bottom-GWU Metro station for the GW community, neighborhood residents, and visitors to Foggy Bottom and the West End, and will serve as a model of mixed-use, transit-oriented development.

“This project is a significant accomplishment for the University, its development partners, the city, and the neighborhood, which will benefit all stakeholders for decades through efficient, community-serving use of this key site at the “front door” of our campus and the Foggy Bottom and West End communities,” said GW President Stephen Joel Trachtenberg. “We are turning 2.6 acres of land to the city tax rolls, realizing non-tuition dependent revenue for investments in the University’s academic and undergraduate student housing needs, and delivering a wide range of community amenities. I offer my sincere thank you to the city officials, neighbors, business leaders, and GW students and staff—led by Executive Vice President and Treasurer Lou Katz—who have submitted more than 300 statements in support of GW’s development initiatives and have spent more than two years participating in a community-based planning process to envision the future of the Foggy Bottom Campus, including Square 54.”

The approval of the Square 54 project is an important achievement for the University and follows the approval of the joint D.C. Public Schools/GW School Without Walls PUD (December 2006) and the Foggy Bottom Campus Plan: 2006 – 2025 (March 2007). These are all essential components of GW’s integrated development strategy aimed at carrying out the University’s Strategic Plan for Academic Excellence and continuing to build a world-class university in the nation’s capital.

“We at Boston Properties are extremely excited about joining forces with our partners, The George Washington University and Kettler, to develop what will be a landmark development in this vital location,” said Peter Johnson, senior vice president and regional manager of Boston Properties.

Robert C. Kettler, founder and chairman of Kettler, said, “Kettler brings 30 years of experience in enhancing and sustaining the livability of the DC region. A world-class team has come together to create a vibrant design which is reflected in the architecture of Rafael Pelli and urban plan developed by Sasaki. This urban environment creates a new gathering place for students as well as residents of Foggy Bottom and the West End neighborhoods.”

About Boston Properties

Boston Properties, Inc. is a fully integrated, self-administered and self- managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office properties and one hotel. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five select markets - Boston, Midtown Manhattan, Washington, D.C., San Francisco, and Princeton, N.J. For more information about Boston Properties, please visit the Company's web site at www.bostonproperties.com.

About Kettler

Based in Northern Virginia and celebrating their 30th anniversary in 2007, Kettler is a leading developer of award-winning, mixed-use residential and commercial properties across the Washington Metropolitan area. In 2007, Kettler was named one of the area’s largest private companies by the Washington Business Journal and is one of the nation’s top 20 multifamily developers. Kettler has developed more than five million square feet of commercial space and more than 50,000 homes. The company also owns and manages 9,000 apartments in 40 locations. Current projects include urban and transit-oriented developments, multifamily housing, commercial and mixed-use developments and resort communities. For more information, please visit www.kettler.com.

About The George Washington University

Located four blocks from the White House, The George Washington University was created by an Act of Congress in 1821. Today, GW is the largest institution of higher education in the nation’s capital. The University offers comprehensive programs of undergraduate and graduate liberal arts study as well as degree programs in medicine, public health, law, engineering, education, business, and international affairs. Each year, GW enrolls a diverse population of undergraduate, graduate, and professional students from all 50 states, the District of Columbia, and more than 120 countries.