Located on the historic campus of the Walter Reed Army Medical Center, a long-ago shuttered and dormant asset is slated for much-needed renovation. The building houses the historic Sternberg Auditorium and Performing Arts Center, once the focal point of many military ceremonies, productions and gatherings.

Through a unique, first-of-its-kind Enhanced Use Lease led by Keenan Development, the 240,000-square-foot facility will be converted into a state-of-the-art, Class A office facility.

Keenan Development arranged the complete financial package for this $54 million development. The project, to involve significant historic renovation and new construction, is made possible through alternative financing based upon Federal Enhanced Use Leasing authority.

In addition, considerable value will be returned to the Walter Reed Army Medical Center in the form of in-kind services. This unique financial structure allows the Medical Center to meet many of its day-to-day operating and facilities needs not attainable through traditional Department of Army and Department of Defense funding sources.