Newmark Grubb Knight Frank (NGKF) is pleased to announce that it represented owners Quadrangle Development Corporation (Quadrangle) and Oxford Properties Group in a joint venture lease to Optoro in Washington Center. The 355,000-square-foot, Class A building is located at 1001 G Street, NW in Washington, DC. Optoro will occupy 26,500 square feet on the 12th floor. NGKF’s Brendan Owen, George Vogelei and Rafael Notario represented the ownership in this transaction.
“We are pleased to welcome this growing tech firm to our strong tenant base at Washington Center,” said Quadrangle President, Christopher Gladstone. Optoro, a locally based technology company, is transforming the way the nation’s leading retailersprocess and sell their returned and excess inventory.
“Optoro has made the Washington, DC area its home since the inception of the business in 2004 and we are excited to continue to grow our footprint in the city and region,” said Tobin Moore, Optoro’s CEO and co-founder. “Our people are Optoro’s biggest asset and the access to incredible talent in the DC area and the city’s commitment to a vibrant tech community will help us continue to scale and grow. We were drawn to Washington Center because of the strong ownership team, great building location with its direct access to the Metro and its first-class building amenities - all in the heart of the city.”
Like other tech firms in Washington, DC, Optoro had a need for more space. The firm will be relocating into the entire top floor of Washington Center. “The building will provide Optoro easy access to the Metro in a rapidly growing, dynamic location,” said Oxford Senior Vice President, Chris Mundy. “Ownership is committed to providing top-quality services and amenities for its tenants.”
“Washington Center’s best-in-class amenities, combined with its dynamic location and neighboring CityCenterDC, have made the building a hot commodity for tenants looking for high-quality space and convenience,” said NGKF’s Owen. Developed, managed and occupied by Quadrangle, the 12-story Washington Center office building has direct internal access to the newly renovated Grand Hyatt Hotel, as well as a private entrance to the Metro Center Metrorail station, serving the Red, Orange, Blue and Silver Lines. Washington Center’s history of high occupancy and blue-chip tenants is a testament to the quality of its location, management and amenity base.
Optoro is a technology company that is transforming the way the nation’s leading retailers process and sell their returned and excess inventory. Through its use of comprehensive, world-class data analytics and multi-channel online marketing, Optoro’s software platform determines the best path for returned and excess goods, maximizing recovery value, enabling consumers to get great deals, and reducing environmental waste. Founded in 2010, Optoro is based in Washington, D.C. and Maryland. Optoro, BLINQ, and BULQ are trademarks of Optoro, Inc. and may be registered in certain jurisdictions. For more information, please visit www.Optoro.com and follow us on twitter at @optoroinc.
About Quadrangle Development Corporation (QDC)
Quadrangle is a leading full-service real estate developer and investor in Washington, DC, Maryland and Virginia. The company focuses on the development, acquisition, ownership and operation of investment-grade office, apartment and hotel properties. Founded in 1971, Quadrangle has completed, acquired, or begun development of 88 properties representing more than 25 million square feet and $9.6 billion in investment. The firm employs a highly analytical, market-focused approach to develop, acquire, and operate best-in-class commercial and residential 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, multihousing 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 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.