PNC Bank has partnered with Arlington-based developer Vornado/Charles E. Smith to build by 2010 a new office building that will house its local headquarters.
The 350,000-square-foot building will be on the corner of 17th and H streets NW in Washington’s central business district. Pittsburgh-based PNC is not disclosing its financial investment in the building, Regional President Michael Harreld said Thursday.
PNC has increased its foothold in the D.C. region after acquiring Riggs National Bank in 2006 and buying Baltimore’s Mercantile Bankshares Corp. this year. The company expects to have 120 branches in the D.C. area by September.
“We are on our way to moving from being a notable player to being a significant player in this market,” Harreld said.
The building will house nearly 200 PNC employees and also will include other office tenants, a bank branch, retail space and two levels of parking. Harreld said the search for other tenants will begin next year.
PNC currently is located locally in two buildings on 17th Street. It will temporarily relocate in November to 800 Connecticut Ave. during construction of its new local headquarters.
The bank and developer will begin discussing design concepts in the next 30 days, Harreld said.
