Davis Polk & Wardwell Takes 82K SF at Hines’ Recent DC Acquisition
By Keith Loria April 10, 2023 1:52 pmreprints
Global law firm Davis Polk & Wardwell is doubling its footprint in Washington, D.C. with an 82,000-square-foot lease at 1050 17th Street NW, the office building recently purchased by Hines.
The law firm will occupy more than half the space in the 154,000-square-foot property, which Hines acquired last week from the Lenkin Co. in a $59.8 million-dollar deal, according to Hines.
“We are seeing new, top-quality buildings in Washington’s Central Business District experience positive absorption, making [the property] an attractive investment in a limited trophy supply environment,” Andrew McGeorge, senior managing director and head of Hines’ Washington D.C. office, told Commercial Observer in an email. “We are confident in best-in-class office assets that are well-located and in the strength of the Washington, D.C. economy.”
Delivered in 2020 and designed by Gensler, the 11-story property offers 15,000-square-foot floorplates built for collaboration.
The law firm will be moving from 901 15th Street NW, where it has leased 41,636 square feet since 2009, and will occupy the top five floors plus the penthouse of its new location when it moves in August of 2024. The rent was not disclosed, but a recent Newmark (NMRK) office report lists the average rent in the CBD to be around $56.06 per square foot.
The pimped out building includes a living green wall in the lobby, an 11-foot floor-to-floor low insulated glazing curtain wall and solar shades, a conference center, secured bike room and a 4,200-square-foot fitness center.
CBRE (CBRE)’s Randolph Harrell, Joseph Coleman, Lara Nealon and Brittany Gosnell represented the building owner in the deal, while Newmark’s Michael Shuler, Douglas Levine, Brian Goldman and Aaron Katz handled the deal for the tenant.
The building is currently 60 percent occupied and has approximately 57,000 square feet of office space and 2,000 square feet of retail available.
Keith Loria can be reached at Kloria@commercialobserver.com.