Mortgage Bankers Association Renews Lease to Remain in Downtown Washington, DC
Association signs lease for 34,560 square feet of office space at 1919 M Street NW, reducing its annual rent by more than $4 million
Mortgage Bankers Association (MBA) renewed its lease with 1919 M Street Association Limited Partnership.to maintain its headquarters in downtown DC. It will lease 34,560 square feet of office space at the building through 2035.
The building is located at the corner of 20th and M Streets and offers easy access to Georgetown and Capitol Hill. It also is near some of DC’s best restaurants, shops and hotels as well as the Dupont Circle Metro station.
The lease was negotiated by Avison Young, who was able to negotiate a number of favorable terms. These terms included reducing MBA’s annual rent costs by more than $4.2 million before its scheduled lease expiration, securing funding to reflect an evolving hybrid work model in the space, obtaining a commitment by the owner to modernize the building systems and upgrade all of the public areas including the main building lobby, and securing an agreement from the building’s owner to fund an expanded tenant-only conference center