Wells Real Estate Investment Trust Inc. is the property owner, and relied on the assistance of Wells Real Estate Funds senior vice president George Wells as representation. The Washington, DC office of Spaulding & Slye Colliers also worked with Wells on crafting the lease agreement. According to Spaulding's website, the asking rate for space in the building--although completely occupied--is $48 to $50 per sf.

Located near the US Capitol at 250 E St. SW, One Independence Square is a nine-story building that Wells acquired along with neighboring Two Independence Square from Boston Properties in 2002 for $345 million. According to a Spaulding case study, the lease extension negotiations have been in the works for nearly a year and involved the ironing out of new terms, such as those involving new property security demands for government agencies.