WASHINGTON, DC–The Yard, a co-working firm based in New York, has signed a lease for its first office in Washington DC: it is taking 31,500 square feet at 700 Penn, the former Hine School that is being redeveloped into a 150,000 square foot office by the Stanton-EastBanc development team.
The building will deliver in summer 2017.
Based in Brooklyn, The Yard has seven locations in New York City with two more opening this fall and one in Philadelphia. It has further plans to open in other cities throughout the US.
As for its new home in the District, the neighborhood is well-suited to The Yard's clientele, according to Savills Studley's Nicole Miller, who along with Demetri Koutrouvelis and Ted Skirbunt, represented The Yard is this lease.
“The location aligned perfectly with their culture and The Yard's desire to be based in a high density, urban, walkable location, with strong ties to residential, as well as commercial areas,” she said in a prepared statement.
700 Penn is next to the historic Eastern Market and across the street from the city's oldest commercial corridor, Barracks Row. In all, tenants at 700 Penn will be within walking distance of more than 2 million square feet of retail, according to JLL, which is representing the developer with brokers Doug Mueller and Evan Behr taking the lead.
WASHINGTON, DC–The Yard, a co-working firm based in
The building will deliver in summer 2017.
Based in Brooklyn, The Yard has seven locations in
As for its new home in the District, the neighborhood is well-suited to The Yard's clientele, according to Savills Studley's Nicole Miller, who along with Demetri Koutrouvelis and Ted Skirbunt, represented The Yard is this lease.
“The location aligned perfectly with their culture and The Yard's desire to be based in a high density, urban, walkable location, with strong ties to residential, as well as commercial areas,” she said in a prepared statement.
700 Penn is next to the historic Eastern Market and across the street from the city's oldest commercial corridor, Barracks Row. In all, tenants at 700 Penn will be within walking distance of more than 2 million square feet of retail, according to JLL, which is representing the developer with brokers Doug Mueller and Evan Behr taking the lead.
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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.
