Ropes & Gray will occupy over 60,000 square feet of premier office space in its new location. The firm has signed a 15 year lease with Paramount Group, Inc., which owns the 12-story office building. The multi-practice firm is moving from 700 12th Street, where it had been located for 12 years.
NGKF Executive Managing Director Larry Bank, who represented the tenant along with Executive Managing Director Bill Zonghetti, commented, “2099 Penn offers our client the opportunity to be located on one of the most recognizable streets in the United States and to take advantage of the natural light achieved with floor-to-ceiling windows to create a state-of-the-art office space and a high-tech conference center. This space will enhance Ropes & Gray’s ability to serve its clients.” Designed by renowned architects Pei Cobb Freed & Partners, the glass-façade building offers impressive views of the national monuments, the White House and the Potomac River. The 208,636-square-foot, Class A property also features around-the-clock security, a tenant-only fitness center, on-site parking and a landscaped rooftop terrace.
“Many landlords were very aggressive in their attempts to attract Ropes & Gray to their buildings, which emphasizes how coveted a marquee tenant is in the current market environment,” said Bank.
Currently, the Washington, D.C. market offers substantial blocks of prime office space, as many large tenants reevaluate their business needs to make operations more efficient. Last year, 8 million square feet of leases were signed, with more than half of those transactions as relocations, according to NGKF research.
Paramount Group was represented by its leasing director Matthew Gannon, along with Amy Bowser and Trip Howell from JLL.
Ropes & Gray is one of the world’s premier law firms, with more than 1,100 lawyers and legal professionals serving clients in major centers of business, finance, technology and government. The firm has offices in Washington, D.C., New York, Boston, Chicago, San Francisco, Silicon Valley, London, Hong Kong, Shanghai, Tokyo and Seoul, and has consistently been recognized for its leading practices in many areas, including litigation, government enforcement, private equity, M&A, life sciences, health care, finance, investment management, hedge funds, tax, intellectual property, securities litigation, antitrust and privacy and data security.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.