July 11, 2023 9:00 AM
Newmark and JLL announce a 23,000-square-foot lease expansion for Texas A&M University at DivcoWest’s 1620 L Street, NW, in Washington, DC. With the long-term lease, the University now occupies more than 70,000 total square feet at the property, which is now 95% occupied. Newmark’s Senior Managing Director Doug Damron and Managing Director Chris Lucey represented Texas A&M. JLL’s Doug Mueller, Evan Behr, Nathan Beach and Thomas Myers represented the landlord, DivcoWest.
“Texas A&M was at the forefront of universities choosing to create a beachhead here in DC, offering students greater access to study the workings of our federal government and institutions,” said Damron. “The University’s expansion reinforces its long-term commitment to DC and is a testament to the success of the school’s presence in the district.”
Texas A&M first signed at the property in 2020. The student beachhead housed The Bush School of Government and Public Service, built around the philosophy of public service and the growing needs of professionals in the DC area.
“We’re excited for Texas A&M’s growth,” stated Joe McKenna, Senior Director of Investments, DivcoWest. “DC is deep with talent, and the graduate programs Texas A&M offers continue to add to this city’s richness.”
The property is a 171,000-square-foot Class A office building served by Metro located two blocks away at Farragut Square. The property offers tenants a conference facility, fitness center and a 3,000-square-foot tenant lounge and outdoor terrace.
“Texas A&M is a leader of many esteemed higher learning institutions here in DC as we’ve seen the Capital truly become a university town,” remarked Nathan Beach, Managing Director, JLL. “The expansion of Texas A&M at 1620 L Street reinforces that it’s the ideal building to support the educational growth of their talent pool due to its central location, premier amenities, an outdoor terrace and ground-level suite.”
Texas A&M’s original 47,418 square feet spanned five floors to accommodate students, alums and visitors, encompassing ample classrooms, conference rooms, study lounges and collaborative/huddle rooms. The property also features an admissions center, catering kitchen, snack, beverage stations and a 150-seat state-of-the-art theater/lecture hall.
Founded in 1993 by Stuart Shiff, DivcoWest, a DivCore Capital company, is a vertically integrated real estate investment firm headquartered in San Francisco, with offices in Austin, Cambridge, Los Angeles, Menlo Park, Washington DC, and New York City. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to commercial real estate. DivcoWest aims to create environments that inspire ingenuity, promote growth, and enhance health and well-being. Since inception, DivcoWest and its predecessor have acquired approximately 59 million square feet of commercial space – primarily throughout the United States. DivcoWest’s real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, retail, and multifamily spaces. www.divcowest.com
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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