Disabled American Veterans Takes 19.5K SF in DC’s Renovated Franklin Square
The Disabled American Veterans, an Erlanger, Kent.-based nonprofit that helps military veterans obtain benefits and services, is opening a new Washington, D.C., office.
The organization has signed a 19,500-square-foot lease at Franklin Square, a 485,000-square-foot trophy office building in Downtown D.C.
Located at 1300 I Street NW, the property recently underwent an $18 million renovation by its owners, a joint venture between Nuveen Real Estate and Norges Bank Investment Management.
Renovations included a three-story glass entrance, a new lobby, a multistory amenity zone, a new conference facility, a lobby cafe and a fitness center.
“Following the market chaos caused by the pandemic, companies are seeking premier amenities and welcoming settings to encourage their workers to come back to the office,” Eli Barnes, a principal at Avison Young, which handles leasing for the building, told Commercial Observer. “Franklin Square gives them many good reasons to return.”
The 12-story building was completed in 1989 and sits directly across from the historic 5-acre Franklin Park.
The Disabled American Veterans is just one of numerous companies that have signed leases in the building in the past 18 months. Four leases totaling 92,500 square feet have been signed by Conference of State Bank Supervisors, the Bank Policy Institute, Greenpeace and TIAA-CREF.
Additionally, there were two lease renewals by the American Public Transportation Association and the American Water Works Association totaling 28,000 square feet.
“The fact that these companies have signed long-term leases at Franklin Square is a very positive sign for the D.C. market,” Barnes said. “Despite the tough market conditions, the activity we’ve seen here is promising, and we remain optimistic that we will continue to see more companies leasing office space in the coming months.”
The Avison Young leasing team also included Will Stern, Lauryn Harris and Alston Offutt. The tenant was represented by Harry Stephens, Rob Copito and Manny Fitzgerald of CBRE.
Keith Loria can be reached at Kloria@commercialobserver.com.