NAEYC Sheds DC Headquarters and Plots Move to 1401 H Street
The National Association for the Education of Young Children (NAEYC) has sold its headquarters building at 1313 L Street in Washington, D.C. to a joint venture between Lincoln Property Company and Cadillac Fairview, according to JLL, who represented the seller in the deal.
Currently an 84,040-square-foot office building in D.C.’s East End submarket, the property is entitled for 180,000 square feet of density and will be transformed into a Class A apartment project by the new buyers.
“It’s very difficult in mature submarkets to find a place you can build a new Class A apartment project, especially one walkable to where people work,” Susan Carras, JLL’s senior managing director, told Commercial Observer. “You have light on the front, side and back of the building, and that will be true of the new building as well, which is a precious commodity in the area.”
Originally built in 1984, the NAEYC has called the building home since 2006. The site is close to Midtown Center, the 14th Street Corridor, Logan Circle and Dupont Circle, and is within walking distance to six different Metro lines.
NAEYC will be moving to 1401 H Street, where it inked a 14-year lease for 28,000 square feet on the sixth floor, according to West, Lane & Schlager, which advised the tenant on its deals. The association will move into its new space in January 2021.
“The location of the building was great and they are consolidating from being on multiple floors to being on one floor, which was important to them,” Rich Lane, a principal at West, Lane & Schlager told CO. “The building has lots of new amenities, like conference facilities, a fitness facility and common areas—things they didn’t have in their old building which were very attractive to them.”
Plus, the new space is within a few blocks of its old building, making it convenient for NAEYC employees.
JLL’s team also included Dek Potts, Susan Carras, Walter Coker and Brian Crivella, while West, Lane & Schlager’s Eric West joined Lane in representing NAEYC in both the sale and new lease.