January 7, 2022 11:30 AM
Newmark announces a new long-term 26,431-square-foot lease for the Goodwill Excel Center at Portals III on 1201 Maryland Avenue, SW Washington, DC. The adult charter school will occupy the 1st floor D Street level of the Samsung SRA Asset Management property, for which MetLife Investment Management serves as asset manager. Newmark’s Chairman Brendan Owen, Executive Managing Director Ed Clark and Associate Max Planning represented ownership on the transaction.
The Goodwill Excel Center is a tuition-free adult charter high school that awards high school diplomas and industry-recognized certifications to adult learners within the District of Columbia. The school has one existing location at 1776 G Street, NW, making this new campus their second DC location. The additional campus will help grow the school and reach more students across the district due to its walkable neighborhood and excellent proximity to the metro. The school plans to open in Spring 2022.
“Portals III ownership is currently in the middle of a significant capital improvements project that offers tenants excellent shared amenities and services,” said Planning. “We believe that the new upgrades combined with the property’s location will allow us to continue the momentum of leasing up remaining space to tenants looking to serve the DC region.”
According to Newmark Research, the economic recovery in the Washington metro area accelerated in the fall of 2021, following a period of slow growth in late summer. The region added 124,600 jobs in the 12 months since October 2020. For the first time since the onset of the pandemic, the District of Columbia recorded positive absorption, measuring 44,848 square feet.
Portals III is a 509,935-square-foot, Class A property spanning nine floors located at the intersections of Maryland Avenue, SW, 12th Street, SW and D Street, SW. The asset is adjacent to the Mandarin Oriental Hotel, featuring fine dining, lounges, a world-class spa facility, large-scale conference/entertainment spaces and ample on-site retail, including Starbucks, Muze, Flippin’ Pizza and Potbelly’s. The LEED Gold Fitwell-certified property features a new tenant-only fitness center with lockers and showers, a brand-new conferencing facility, tenant lounge, bike storage and incredible views of Capitol Dome, Washington Monument, Jefferson Memorial, Washington Marina, National Mall, Smithsonian and Arlington. Newmark is currently looking to lease the remaining 220,256 square feet of space in the newly renovated property.
Portals III is a few minutes’ walk from The Wharf, DC’s newest mixed-use development with 3.2 million square feet of residential, hotel, office, restaurant, retail and cultural space. The asset is conveniently located next to Route 1 and 1-395 with direct access to Virginia and Reagan National Airport. The property is just two blocks from L’Enfant Plaza’s numerous retail amenities and Metro Station that serves Silver, Orange, Blue, Green and Yellow Lines.
Tina Weaver and Earl Segal with Cushman & Wakefield represented the tenant on the transaction.
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. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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- The Goodwill Excel Center Takes 26K SF in Southwe…
The Goodwill Excel Center Takes 26K SF in Southwest, DC
January 7, 2022 11:30 AM