WASHINGTON, DC--The largest lease transaction executed in the District in Q2 was also among the quietest -- Ernst & Young renewed 107,825 square feet at 1101 New York Ave., NW, according to a quarterly report on activity in the District recently released [PDF] by Lincoln Property Co. (A Colliers market report [PDF] puts the renewal at 130,000 square feet).
E&Y occupies about 32% of the space in the nearly 380,000 square-foot office building and its lease was set to end in June 2017, according to Trepp data. Losing E&Y as a tenant must have been a dismaying prospect for Property Group Partners: the building only slogged back to full occupancy this time last year after Dewey & Leboeuf's collapse in 2012, which left a 140,000 square foot hole to fill.
From a market perspective, it would have been preferable that those 107,825 square feet had been new lease -- as well as the other five renewals that were in the top ten deals for the quarter, according to Lincoln's report.
That said, there is some comfort in the fact that the next largest private lease signed during the quarter was a pre-lease, which CBS News signed for 69,810 square feet at 2050 M St., NW, a proposed 364,000-square-foot trophy class building to be built on the site of 2030 M St., which is schedule for demolition later this year.
WASHINGTON, DC--The largest lease transaction executed in the District in Q2 was also among the quietest --
E&Y occupies about 32% of the space in the nearly 380,000 square-foot office building and its lease was set to end in June 2017, according to Trepp data. Losing E&Y as a tenant must have been a dismaying prospect for Property Group Partners: the building only slogged back to full occupancy this time last year after
From a market perspective, it would have been preferable that those 107,825 square feet had been new lease -- as well as the other five renewals that were in the top ten deals for the quarter, according to Lincoln's report.
That said, there is some comfort in the fact that the next largest private lease signed during the quarter was a pre-lease, which
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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.
