Newmark Grubb Knight Frank (NGKF), on behalf of Quadrangle Development Corporation (Quadrangle) and Oxford Properties Group, the real estate arm of OMERS (Oxford), announced today that Washington Center is now 99 percent leased following the completion of 130,000 square feet of new leases over the past year.
Since January of 2016, nine leases have been signed at Washington Center:
- Covington & Burling LLP, an international corporate law firm, leased 12,200 square feet and was represented by Tom Fulcher and Adam Brecher of Savills Studley.
- Murphy McGonigle, a leading law firm, leased 28,676 square feet and was represented by Steve London and Randy Atkins of Savills Studley
- Association of Corporate Counsel, a global bar association connecting in-house counsel around the world, leased 29,738 square feet and was represented by Mindy Saffer and Lucia Wadeson of Cresa Partners.
- SABIC Innovative Plastics US, LLC, a diversified manufacturing company leased 4,212 square feet and was represented by Malcolm Marshall and Matthew Smith of Cushman & Wakefield.
- Next Sector Capital, an investment management firm focused on conscientiously invested capital to create positive change, leased 4,212 square feet and was represented by Mordecai Scott and Ben Plaisted of Savills Studley.
- Ace Insurance, now part of Chubb, the world’s largest publicly traded property and casualty insurer, leased 10,989 square feet and was represented by Chau Leung, Michael Shipley and Mary Catherine Lawhon of CBRE.
- College of American Pathologists, the world’s largest association composed exclusively of board-certified pathologists, leased 8,119 square feet and was represented by Chris Finley, Gene Sachs and Paul Ehrenreich of Cresa Partners.
- Martinez & Johnson, a Washington, DC based architectural firm, leased 4,872 square feet. Matt Levin and Sam Werner of West, Lane & Schlager represented Martinez + Johnson in the transaction.
- Optoro, the world’s leading reverse logistics platform, leased 26,500 square feet. The tech firm was represented by JLL’s Jay Farmer, Harry Klaff and Andy O’Brien.
These leases followed strategic investments by Quadrangle and Oxford in their 355,000-square-foot Class A+ office building located at 1001 G Street, NW, Washington, DC, and the efforts of NGKF’s leasing team of Brendan Owen, Rafael Notario and Morgan Monroe, which Quadrangle and Oxford engaged in July 2015 as the exclusive leasing agent. In addition to a superbly located property, the financial commitment by ownership to provide best-in-class amenities included a new 4,000-square-foot rooftop terrace with panoramic monument views, renovated restrooms and multi-tenanted lobbies and corridors, large secure bike room, and access to a 9,400-square-foot fitness facility. Washington Center also offers high-end finishes, efficient floor plates, ample natural light, monument views, and immediate access to public transportation with a private access to Metro Center and surrounding amenities, including the Grand Hyatt Washington and CityCenter DC.
“2015 was the first time that Washington Center had any significant amount of available space in the building’s history,” said Quadrangle Development Corporation’s Vice President George Boteler. “The space came back to us at a challenging time when Washington’s East End faced a historically high vacancy rate. Our advantageous location, and even more, our commitment to upgrading the building to align with the demands of today’s tenants, allowed our leasing velocity to out-pace that of competitive buildings.”
“When Quadrangle and Oxford selected NGKF for the leasing of Washington Center, we worked to strategically plan building renovations, and we are very pleased with the results,” said Oxford Properties’ Director Jim Potocki. “The East End is currently a challenging submarket, so the success of this building represents an important achievement for both the building and the submarket,” he added.
In the heart of the thriving East End district with direct lobby access to both the regional mass transit hub, Metro Center Station and the renovated Grand Hyatt Hotel, Washington Center has an unparalleled location. The 12-story LEED Silver certified property, developed by Quadrangle in 1990, combines the historic Beaux Arts-style McLachlen building with an amenity-rich modern office structure.
“Washington Center is a great example of how an ownership’s investment in strategic renovations, commitment to tenants and a highly desirable, accessible location can lead to rapid leasing,” said NGKF’s Chairman of Asset Services, Brendan Owen.
About Quadrangle Development Corporation (QDC)
With 90 properties completed, acquired, or in development, and representing more than 25 million square feet and $9.6 billion in current-dollar investment, Quadrangle is a leading vertically integrated commercial real estate firm with activities focused in the Washington metropolitan region. The firm employs a highly analytical, market-focused approach to develop, acquire, and operate best-in-class office, hotel, and apartment properties in Washington, Maryland, and Virginia. For more information about Quadrangle, visit www.quadrangledevcorp.com.
About Oxford Properties Group
Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,750 employees and $27 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, the company’s portfolio includes over 50 million square feet of office, retail, industrial, multifamily housing and hotel properties. Oxford is the real estate arm of the OMERS Worldwide Group of Companies. For more information about Oxford, visit www.oxfordproperties.com. For more information about OMERS, visit www.omers.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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 14,100 professionals operate from more than 400 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 http://www.bgcpartners.com/.