Sentinel Square II
WASHINGTON, DC–The Federal Election Commission is taking 100,000-square feet at Sentinel Square II, a 280,000-square foot office building in NoMA that is located at 1050 First St., NE. The commission will occupy the top four floors of the building.
This is a long-term lease.
The building is owned by Trammell Crow Co. and joint venture partners, Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital – Real Estate. It is part of the partnership's 1.3-million square foot, multi-phase office development in NoMa.
John Mowery and Eric Roberts of GSA and Jae Lee and Will Ruppe of Jones Lang LaSalle represented the tenant in the transaction.
TCC did not return a call to GlobeSt.com in time for publication.
The FEC lease is part of a larger trend of which Washington DC building owners are well aware.
Over the past 10 years, some 2.9 million square feet of government-occupied space has been vacated from DC's core, according to JLL states. Now, activity is beginning to pick up as GSA is forced to renew or take space — but their usual submarkets are too expensive. GSA's focus on consolidations and cost savings has driven recent relocations, including the US Corporation for National and Community Service's move from 1201 New York Avenue, NW to 250 E Street, SW and the U.S. Bureau of Economic Analysis' relocation from 1441 L Street, NW to Suitland Federal Center in Maryland. NoMa, as well, is a beneficiary of this trend as can be seen by the Department of Justice's lease.
JLL notes that this year more than 1.0 million square feet of federal space is moving into new submarkets agencies are increasingly priced out of buildings in the CBD and East End.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
