Search
 

NAPA Inks 21K SF Lease in East End

WASHINGTON, DC-The asking rate for the space was $48.50 to $49.75, slightly higher than the average rate for class A space in that part of town.

By Erika Morphy | Updated on November 17, 2006

WASHINGTON, DC-The National Academy of Public Administration has inked a 21,000-sf lease at a class A office building in DC’s East End. The building, located at 900 Seventh St., NW, was built in 2004 by the International Brotherhood of Electrical Workers to be its headquarters. The asking rate for the space was marketed at $48.50 to $49.75 per sf, according to local comps. That number is slightly higher than the average $47 per sf for a class A building in the East End.

The association’s 15-year lease of the sixth floor brings the 350,900-sf building to 100% occupancy. Craig Lussi, Michael Hammond and Stephen Burman with Studley represented the Academy and negotiated for its control of the space for the next 25 years, three different expansion options throughout the term of the lease and the assumption of the remaining term on the existing lease, according to a statement made by Howard Messner, president and CEO of the academy.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.