WASHINGTON – Cushman & Wakefield (C&W), the world’s largest privately‐held commercial real estate services firm, announced today the completion of three transactions, totaling 70,180 square feet of office space in Washington, D.C.’s Central Business District (CBD) and East End.
“C&W continues to remain active in this softer market and has successfully helped our investor clients secure renewals and new leases in a market where tenants have many options to move,” said Michael Katcher, Executive Director. “Concurrently, we have aided our occupier clients make the move when the timing is right – capitalizing on favorable terms.”
1333 H Street NW renewed and expanded the Institute of International Finance, Inc. (IIF), totaling 43,775 square feet. C&W Executive Director Michael Katcher, Senior Director Scott Russi and Associate Theo Slagle negotiated the lease on behalf of the landlord, Miller Global Properties, LLC. Richard Tonner and Zeke Dodson of Cassidy Turley Inc. represented the tenant, IIF. 1333 H Street NW is located at the intersection of New York Avenue, 13th and H Streets NW in Washington’s East End.
Notable tenants include the Center for American Progress, the Medical Device Manufacturers Association, the Economic Policy Institute and Monument Policy Group. It is currently 95% occupied.
Kaiser Associates will be taking 15,208 square feet on the top floor of 1615 L Street NW with a 10-year lease. C&W Executive Director Michael Katcher, Senior Director Scott Russi and Associate Theo Slagle negotiated the lease on behalf of the landlord, Spitzer Enterprises. Spitzer Enterprises additionally owns 2001 K Street NW in Washington and 4800 Hampden Lane in Bethesda, MD. Jon Olmstead and Steve Schaumberg of CRESA represented the tenant.
1615 L Street NW is a 13-story, class A office building located in Washington’s Golden Triangle Business Improvement District, four blocks north of the White House. Notable tenants include the Pew Research Center, Fleishman Hillard, The Avascent Group and Independent Community Banks of America. It is currently 86% leased.
Center for a New American Security (CNAS) will relocate its headquarters location to 1301 1152 15th Street. The 11,197-square foot sublease secured a below market rent within a top tier asset in Washington, D.C. for CNAS. C&W Executive Director Michael Katcher and Associate Theo Slagle negotiated the lease on behalf of the subtenant. Aaron Katz and Mike Shuler of Newmark Grubb Knight Frank represented the sublandlord, Orrick, Herrington & Sutcliffe LLP.
According to C&W Research, the overall vacancy rate ticked up in the first quarter for the seventh consecutive quarter to 13.2%, with vacancy in the East End and CBD seeing increases of 1.3 and 2.2 percentage points, respectively, year-over-year. After seeing negative absorption throughout 2012, overall absorption was slightly positive in the first quarter, as several tenant occupancies occurred in the East End submarket. As the pace of leasing has been relatively slow, the Core markets of the CBD and East End continued to dominate in terms of leasing activity, accounting for 88% of total leased space.
About Miller Global Properties, LLC Miller Global Properties, LLC is a real estate investment company specializing in the development, acquisition, redevelopment and, ultimately, disposition of high quality, well located office and hotel properties throughout the United States.
About CNAS The Center for a New American Security (CNAS) is an independent and nonpartisan research institution that develops strong, pragmatic and principled national security and defense policies. CNAS leads efforts to help inform and prepare the national security leaders of today and tomorrow.
About Cushman & Wakefield Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.