WASHINGTON, DC–As has been expected, law firm Goodwin Procter will be the anchor tenant at JBG Cos.' planned 271,433-square foot 1900 N St., NW trophy office.
Goodwin Procter will move from 901 New York Ave., NW in the East End, to occupy the building's top three floors when the project delivers late 2019. The eleven-story development is now 30% pre-leased.
David Lipson and Gary Stein, both of Savills Studley, were the lead brokers representing Goodwin Procter LLP on the lease.
Goodwin Procter is among the handful of law firms that are signing or have signed anchor leases at trophy buildings under development in the District, the others being Paul Hastings, Morrison & Foerster, Cleary Gottlieb, Akin Gump and Kirkland & Ellis. (Also, Boston Properties' proposed development at 2100 Pennsylvania Ave, NW, is rumored to be close to signing a large law firm, according to CBRE.)
Ripples In The Market
That could represent a problem for leasing in general for the District, according to research by CBRE.
See Top Floor Pre-Leases Tighten Already Competitive Market
These law firms took, not surprisingly, the top floors of the new offices, thus setting in motion an influx of lower-to-mid stack office space in the new buildings set to come online — space that will compete with existing, older buildings that are also looking for tenants.
Another point that CBRE Research Manager Wei Xie brings up to GlobeSt.com is that smaller law firms will be unlikely to want to take space in any of these buildings. Whereas before competing law firms didn't mind sharing a building, that is no longer the case, she says.
WASHINGTON, DC–As has been expected, law firm
David Lipson and Gary Stein, both of Savills Studley, were the lead brokers representing
Ripples In The Market
That could represent a problem for leasing in general for the District, according to research by CBRE.
See Top Floor Pre-Leases Tighten Already Competitive Market
These law firms took, not surprisingly, the top floors of the new offices, thus setting in motion an influx of lower-to-mid stack office space in the new buildings set to come online — space that will compete with existing, older buildings that are also looking for tenants.
Another point that CBRE Research Manager Wei Xie brings up to GlobeSt.com is that smaller law firms will be unlikely to want to take space in any of these buildings. Whereas before competing law firms didn't mind sharing a building, that is no longer the case, she says.
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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.
