Law Firm Gets Cozy with Sublease Conversion and Expansion

WASHINGTON, DC-Settling into the building it has called home for the last year, of Sheppard, Mullin, Richter & Hampton LLP has decided to convert its sublease at 1300 I St. into a full-fledged lease, while simultaneously signing on for additional space to bring its total occupancy to nearly 43,000 sf. The terms of the California-based law firm’s lease agreement with property owner TIAA have not been revealed. However, Jones Lang LaSalle, which handles leasing at the 465,000-sf building, markets the office space for $32 to $40 per sf. Studley represented Sheppard Mullin in the transaction.

Developed 15 years ago, 1300 I St. sits on a corner parcel in the Franklin Square area of the city’s central business district. The class A office facility features two towers at 12 stories each, and offers ground-level retail space. The law firm’s occupancy pertains to a single tower. “In March 2003, when the firm launched its DC practice, it signed a sublease for the 11th floor to accommodate an initial slate of 25 attorneys,” Studley senior managing director Gary Stein explains. “Now, after a year of success in this market, Sheppard, Mullin, Richter & Hampton has signed a direct 10-year lease for both the 11th and 12th floors.”