The Treasury Inspector General for Tax Administration has signed a 38,000-square-foot lease at 370 L’Enfant Promenade, a 405,000-square-foot building in Washington, D.C., in a deal first reported by the Washington Business Journal.
The IG’s office will transfer from its current home at 1401 H Street NW to the sixth floor of its new space at L’Enfant Plaza during the second quarter of 2021. The rent was not disclosed, but the lease was for 13 years.
The Georgetown Company and Meadow Partners acquired the property in 2017 and enacted a series of renovations to improve the building’s long-term value.
“We just finalized an extensive repositioning of the building,” Peter Armstrong, Georgetown Company’s senior vice president, told Commercial Observer. The renovations included improvements to the lobbies, bathrooms, corridors, elevators, and creating a new fitness center.
“We have also built out a number of very attractive spec suites that have additional amenities, including huddle rooms, a large conference/multi-purpose room, and outdoor terraces with stunning Capitol Building and Washington Monument views,” he said. “We believe that all of these upgrades make the building the premier contemporary office space in Southwest.”
Located at 901 D Street SW, the property is located near several Metro lines and within walking distance to The Wharf.
“Southwest is developing very rapidly and we’re honored to be a part of the community,” Armstrong said. “The activity that we are experiencing at the property over the past 18 months reflects our investment in the asset and neighborhood and we believe there will be continued momentum in the area.”
There’s approximately 30,000 remaining square feet available in the property. Other notable tenants in the building include Accenture, the Federal Aviation Administration and the Employee Benefits Research Institute.
“This new lease brings occupancy up to nearly 90 percent and we’re seeing significant interest from both government and private sector tenants in the remaining available space,” Armstrong said. “In addition, it’s very rare to get the amenities we offer in such a vibrant and growing neighborhood for a highly competitive price per square foot.”