WASHINGTON, DC—Proskauer, a long-standing tenant at 1001 Pennsylvania Ave. is expanding to 48,216-square feet at 1001 Pennsylvania Ave. where it has been a tenant for eight years. The law firm inked a 15-year lease and will relocate from the fourth floor to the sixth.
The 14-story building, which is managed by Hines and owned by TIAA-CREF, has approximately 712,000 square feet of office space and 43,029 square feet of retail. Other tenants in the building include Carlyle Investment Management and Crowell & Moring LLP.
Andrew Sussman and Stuart Eisenkraft with CBRE's New York office represented Proskauer, and Hines represented the building owner.
Law firms are still a valued constituency among DC area landlords; however in recent years they have proven to be much more cost conscious about real estate costs. They have also been retrenching their space use for various reasons. In general the ratio for attorney space has dropped to 600 square feet or less. In the halcyon days of the early 2000s it was as much as 1,000 per square foot per attorney.
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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.
