WASHINGTON, DC–The Atlanta-based Columbia Property Trust has secured a 15-year, 68,673-square foot lease with WeWork at 80 M St., the 285,000-square-foot office building it owns at the Capitol Riverfront. The WeWork transaction is one of three leases the company has signed this year, for a total of more than 100,000 square feet at the building.
The other two leases are the renewal of Gryphon Technologies' 24,224-square-foot headquarters and a new lease with defense services provider General Dynamics Information Technology for 14,990-square feet.
The building is more than 85% leased now — a nice milestone for Columbia Property Trust, which had to fill more than 100,000 square feet left vacant by BAE Systems a few months ago.
Still, there is another 15% left to lease and Columbia Property is hoping that a renovation that is reminiscent of WeWork's aesthetics might bring additional tenants. It is planning a $3 million renovation for new entrance, outdoor terrace and lounge for tenants.
The renovation will complement WeWork's design aesthetic — meaning an open, collaborative tenant lounge that encourages socializing. WeWork is also getting its own entrance in the lobby. The co-working office will open in the third quarter of 2017.
“Our intention with this renovation is to mirror that vitality while cultivating an environment that appeals to this new generation of office tenant as we work to fill the building's remaining availability,” CEO of Columbia Property Trust Nelson Mills said in a prepared statement.
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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.
