Two National Associations Renew Office Leases in DC Building
Building was recently purchased through foreclosure
By Keith Loria January 17, 2024 11:50 am
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The National Association of Counties (NACo) and National League of Cities (NLC) are both staying in place at 660 North Capitol NW, an office building in Washington, D.C.
Both tenants renewed leases with landlord Eagle Cliff Real Estate Partners, which acquired the 202,000-square-foot property in December for the bargain price of $30 million through a foreclosure sale.
NACo serves nearly 40,000 elected county officials around the U.S., and 3.6 million county employees, while NLC is an advocacy organization that represents the country’s 19,495 cities, towns and villages.
Eagle Cliff acquired the building from Republic Properties, which had developed the building in 2016 but saw one its largest tenants, WeWork, vacate its 25,000-square-foot space in 2023.
The new landlord plans to make major upgrades to the property, including lobby renovations, improvements to the penthouse and rooftop terrace, and adding a turnkey spec suite program aimed at attracting and retaining tenants, Paul Teti, co-founder and partner of Eagle Cliff Real Estate Partners, told CO when the firm acquired the building last month.
“We believe that those who want to be in a positive work environment are going to be attracted to the best assets, and this was developed to best-in-class quality,” he said.
JLL (JLL) facilitated both renewals on behalf of ownership. Combined, the two renewals total more than 78,000 square feet and encompass floors three through five as well as a portion of the ground floor.
“The renewal of these associations’ leases further reinforces the quality of this building as well as the new ownership’s commitment to ensuring the most viable and productive workspace for not only existing tenants, but also for new tenants,” Doug Mueller, executive managing director of JLL, said in a prepared statement. “Although 660 North Capitol is fairly new, we now know so much more about the way people are utilizing office space today.”
Mindy Saffer, managing principal of Cresa, who represented both tenants, said Eagle Cliff presented favorable terms and cost savings, plus concessions to improve the tenants’ workspace, which played a factor in both associations staying.
Other tenants in the building include Hyundai, Mylan, and the Internet Association.
JLL’s Evan Behr and Mac Hall joined Mueller in representing Eagle Cliff in the transactions while Cresa’s Jonathan Harms and LaMean Koroma joined Saffer in representing the tenants.
Keith Loria can be reached at Kloria@commercialobserver.com.
