The Top DC Office Leases in 2018 [Updated]
Reinforcing Washington, D.C.’s reputation as having a real estate market driven by government and law firms, two of the largest newly signed office leases within D.C.’s city limits this year belong to the General Services Administration (GSA) and the third goes to a law firm. Other big leases were signed by one of the country’s largest private equity firms and a coworking giant. Here are some of the top office leases (by square footage) based on Commercial Observer’s coverage and data from leading commercial real estate firms, as of Dec. 19.
Back in February, the Washington Post reported that the Whittle School & Studios was establishing a D.C. campus at 4000 Connecticut Avenue NW for a global private school that can house up to 500 students in dormitories. CBRE told CO that the lease was for a whopping 666,202 square feet.
Another lease (at least an extension) crossed the 600,000-square-foot mark: the Federal Communications Commission, which had inked a 602,350-square-foot lease late last year, signed a three-year extension in the third quarter of this year at 445 12th Street SW, according to CBRE.
On March 12, GSA signed a 348,173-square-foot, 20-year lease for the U.S. Agency for International Development (US AID) at 500 D Street SW, according to a Cushman & Wakefield spokesman. US AID, which occupies the entire property, was the first tenant to sign on after Goddard Investment Group bought the 12-story vacant building for $93 million in March 2017.
The Department of State renewed a healthy 189,008 square feet at 2200 C Street NW, as per CBRE.
Global alternative asset manager The Carlyle Group renewed and expanded its lease for 11 years at 1001 Pennsylvania Avenue NW in Downtown D.C., CO reported in June. The firm expanded its footprint to 200,000 square feet from 130,000 square feet to accommodate the relocation of its Rosslyn, Va., employees to D.C.
Global law firm Eversheds Sutherland signed a lease for 143,160 square feet at 700 6th Street NW in the East End, according to the C&W spokesman. The lease was signed on Sept. 26. The firm is the outgrowth of a February 2017 merger between London-based Eversheds and U.S.-based Sutherland Asbill & Brennan.
On Sept. 7, GSA signed yet another massive deal by retaining a space for the Troubled Asset Relief Program (TARP) at 1801 L Street NW in the Central Business District, per C&W. The 10-year lease is also an expansion for TARP to 134,131 square feet from 71,821.
CO reported on Dec. 5 that the Meridian Group partnered with an affiliate of WeWork to purchase 1333 New Hampshire Avenue NW in D.C.’s Dupont Circle neighborhood. The coworking company contributed 50 percent of equity in the transaction and signed a lease that will span over 100,000 square feet in the building.
Two-thousand-nineteen has a long way to go to beat that kind of competition!
Update: This story was edited to include several leases over 100,000 square feet.